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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2015 - SRS 540.0 - Fees.

Specific instructions

Terms highlighted in bold italics indicate that the definition is provided in these instructions.

Fees paid

Item 1 collects information about each type of fee, excluding activity fees, and the manner in which it was paid.

Item 1	Report the aggregate amount of each fee, excluding activity fees, as a separate line in item 1. Activity fees must be reported in item 3. Where a fee has been paid via one or more sources, report a separate line for each source of payment for that fee.Report the fee type in column 1, the source of payment in column 2 and the value of fees paid, gross of any fee rebate, in column 3.Where the source of payment is not listed in item 1 column 2 report the fee in item 1.1. Report the fee type in column 1, a description of the source of payment in column 2 and the value of fees paid column 3; otherwise leave item 1.1 blank.The fee types are: administration fee, advice fee, exit fee, insurance fee, investment fee, switching fee and ‘other fee’.The sources of payment are: fee paid by member, fee paid by employer-sponsor, fee paid by reserve and fee paid by RSE licensee.
Activity fee	Represents a fee charged to a member that relates to an activity of an RSE licensee that is engaged in at the request, or with the consent, or a member or that relates to a member and is required by law. Reference: SIS Act, s. 29V(7).
Administration fee	Represents a fee charged to a member, gross of tax obligations, that relates to the administration or operation of the fund. Reference: SIS Act, s. 29V(2).
Advice fee	Represents a fee charged to a member, gross of tax obligations, that relates to the provision of financial product advice to a member by the RSE licensee and which is not incorporated into another fee. Reference: SIS Act, s. 29V(8).
Exit fee	Represents a fee charged to a member to recover the costs of disposing of all or part of members' interests in a fund. Reference: SIS Act, s. 29V(6).
Insurance fee	Represents a fee charged to a member that relates directly to insurance premiums paid by the RSE licensee in relation to a member or members. Excludes: insurance contracts where the benefit to the member is based on the performance of an investment rather than the realisation of a risk. Reference: SIS Act, s. 29V(9).
Investment fee	Represents a fee charged to a member, gross of tax obligations, that relates to the investment of the assets of the entity. Reference: SIS Act, s. 29V(3).