This instrument organises reporting around a small set of concepts central to how a MySuper product (or a lifecycle stage of a lifecycle MySuper product) is presented on a product dashboard. Key concepts are defined in the text and in the Interpretation.

• Return target. Defined as "the mean annualised estimate of the percentage rate of net return that exceeds the growth in the CPI over ten years" (Item 1; reference: Corporations Act, s.1017BA(2)(a)(i); Corporations Regulations, r.7.9.07R). The return target is calculated using a net return for a representative member (see below). The instructions require the RSE licensee to report the starting date the return target was approved (Item 1.1), primarily for APRA’s data collection even where that starting date is not required to be published under the Corporations Act or Corporations Regulations (Item 1).

• Net return of a representative member. The core return measure for Item 2 column 2. The net return is the "net investment return of a representative member minus administration fees, costs and taxes of a representative member and minus advice fees, costs and taxes of a representative member" (Item 2 column 2). The representative member is specified: fully invested in the option, no activity fees, a $50,000 account balance throughout the year, and the $50,000 is excluded from investment gains/losses for measurement purposes (Item 2 definitions). Net investment return is defined as the time-weighted rate of return net of investment fees, indirect cost ratio investment costs, other investment costs and taxes on investment income, adjusted for cash flows (Item 2 definitions).

• Moving averages. Item 2 requires a ten year moving average return (column 3) and a ten year moving average return target (column 4). The moving average return is calculated over the prior ten years including the year being reported (formula provided). If ten years of history do not exist, the moving average must not be calculated (Item 2 column 3).

• Fees and costs reported gross of tax obligations. The instructions are explicit that "fees and costs must be reported ‘gross of tax obligations’", defined to mean gross of income tax, GST and stamp duty, consistent with Schedule 10 and Schedule 10D of the Corporations Regulations (Specific instructions). The concept is repeated in definitions for administration fees, advice fees, investment fees, indirect cost ratio components and other cost categories: all "must be shown gross of tax obligations" (Item 2 and Item 4 definitions).

• Standard Risk Measure and risk labels. Item 3 requires reporting the level of investment risk for the product using specified labels and a numeric mapping expressed as the "estimated number of negative net investment returns over a 20 year period". The labels and numeric ranges are enumerated: Very low (<0.5), Low (0.5 to <1), Low to medium (1 to <2), Medium (2 to <3), Medium to high (3 to <4), High (4 to <6), Very high (6 or greater) (Item 3). The guidance references ASFA/FSC guidance papers (Standard Risk Measure Guidance Paper For Trustees July 2011 and Implementation Guidance December 2012).

• Fees and costs statement (prospective). Item 4 requires a forward-looking annualised estimate of the fees and other costs the RSE licensee expects will apply in the following year. Item 4 is to be calculated as the sum of investment fees and associated indirect cost ratio investment costs and other investment costs, administration fees and associated indirect cost ratio administration costs and other administration costs, and advice fees and associated indirect cost ratio advice costs and other advice costs, for a representative member (Item 4).

• Lifecycle stage factors. Part B (Item 5) applies only to lifecycle MySuper products and requires the RSE licensee to report each distinct combination of factors that define allocation to the lifecycle stage. Columns include minimum and maximum allowable age, gender, account balance minimum/maximum (in thousands), minimum/maximum contribution rate (percentage of salary), current salary bands (thousands), time remaining to retirement (years), and a free-text column for "another factor allowable under SIS Regulations" (Item 5 and Interpretation).

• Cross-standard consistency. The document instructs that certain calculations must be consistent with Reporting Standard SRS 702.0 Investment Performance, for example converting flat dollar fees into percentage of assets for net return calculations and converting percentage fees into dollar amounts for the fees statement (Item 2 column 2 note; Item 4).

• Use of ABS CPI series. The instructions specify an ABS CPI series for measuring CPI growth in Item 1 and in calculating the actual target in Item 2 column 4. Item 1 references ABS catalogue 6401.0 Consumer Price Index, Australia, data series ID A2325847F for "Percentage change from corresponding quarter of previous year; All Groups CPI, Australia". The Interpretation defines CPI for the purposes of the instructions as ABS catalogue 6401.0 series id A2325846C, "Index number; All groups; Australia". The document therefore references different ABS series identifiers in different parts of the instructions, and requires use of the series identified in each relevant item (see Item 1 and Interpretation).

These concepts together form the basis of the product dashboard reporting obligations: quantified, comparable return measures; standardised risk labelling; prospective fee statements measured in a standard way; and lifecycle-stage descriptors where applicable. The instructions repeatedly tie the methodology to other statutory instruments and reporting standards to produce consistent, comparable numbers across products and over time.

The immediate reporting obligation falls on RSE licensees, as defined in subsection 10(1) of the SIS Act, who operate MySuper products or lifecycle MySuper products. The instructions repeatedly frame the requirements as items to be completed "for the non-lifecycle MySuper product or the lifecycle stage of a lifecycle MySuper product, as relevant" (Item 1, Item 2, Item 3, Item 4). Item 5 applies only where an RSE licensee offers a lifecycle MySuper product and requires that each allocation rule for lifecycle stages be reported.

Secondary affected parties, by virtue of the reporting content and definitions, include:

• Trustees and boards of RSE licensees, who decide the return target, risk labels, fee structures and lifecycle allocation rules described in the reporting (Item 1 starting date, Item 3 risk labelling and Item 5 lifecycle factors).
• Members and potential members of MySuper products, because the instrument standardises what is reported on a product dashboard (though the instrument itself does not require public publication of every item; for example Item 1 notes the starting date is required for APRA’s data collection purposes even where not required to be published under the Corporations Act or Corporations Regulations).
• Financial advisers and intermediaries whose advice or fee structures feed into the fee and cost figures, because Item 2 and Item 4 require advice fees, indirect cost ratio advice costs and other advice costs to be separated and shown gross of tax obligations.
• Administrators and third party service providers responsible for fee schedules, transaction records and investment performance measurement, since the calculation rules reference time-weighted returns, indirect cost ratios, and conversion rules in SRS 702.0.
• APRA (Australian Prudential Regulation Authority) as the data recipient referred to in the definition of reporting day. The Interpretation defines "reporting day" as a day on which an RSE licensee is required by paragraph 8(a), 8(b) or 8(c) of Reporting Standard SRS 700.0 Product Dashboard to report information to APRA.
• Persons preparing Product Disclosure Statements (PDS) and compliance/legal teams, because the instructions require that amounts be reported consistent with the manner in which they are required to be disclosed in PDSs (Specific instructions referencing Schedule 10 and Schedule 10D of the Corporations Regulations).

The instructions also affect actuarial, investment and compliance teams within RSE licensees because they prescribe specific assumptions and the representative member construct (fully invested, no activity fees, $50,000 balance throughout the year excluding investment gains/losses). That representative member assumption influences how net returns are calculated and how fee conversions are undertaken (Item 2 definitions).

Finally, the instrument influences external comparability between products. By standardising measurement bases (gross of tax obligations, representative member, use of ABS CPI series), the template affects how different RSE licensees’ MySuper products will compare on performance, risk label and fee metrics when those product dashboards are aggregated or made publicly available.

Duties established by the instructions are procedural and calculation-oriented. The principal duties on RSE licensees are:

• Calculate and report the return target and starting date for each non-lifecycle MySuper product or each lifecycle stage of a lifecycle MySuper product (Item 1). RSE licensees must calculate the return target using the net return of a representative member and measure CPI growth using the ABS series specified in Item 1 (A2325847F for percentage change from corresponding quarter of previous year; All Groups CPI).

• Report historical returns and moving averages (Item 2). For each full year reported in Item 2 column 1, report the net return (column 2), the ten year moving average return (column 3) where ten years of data exist, and the ten year moving average return target (column 4) calculated via the "actual target" aggregation process using CPI growth and return target values for each year.

• Use the representative member construct in calculating net returns and fee conversions. The representative member is to be assumed fully invested, with no activity fees, and maintains a $50,000 balance throughout the year; the $50,000 balance is excluded from investment gains/losses for the net return calculation (Item 2 definitions). RSE licensees must follow the procedures in SRS 702.0 when converting fees charged on flat dollar basis into percentage of assets and vice versa.

• Report the Standard Risk Measure label and the corresponding numeric mapping in Item 3, using the specified ranges for the estimated number of negative net investment return years over a 20 year period (Item 3). RSE licensees should consult the named guidance papers for implementation detail (ASFA and FSC guidance).

• Present a prospective statement of fees and other costs for the year ending 30 June following the reporting day (Item 4). The statement is an annualised estimate of investment, administration and advice fee and cost elements for the representative member and must be derived consistently with SRS 702.0 conversion rules.

• For lifecycle MySuper products, report lifecycle stage allocation rules in Item 5 as at the reporting day, including age, gender, account balance bands (in thousands), contribution rates, salary bands (in thousands), time-to-retirement windows and any other allowable factor under the SIS Regulations (Part B, Item 5).

• Follow the prescribed units and rounding conventions in reporting: item-specific decimal places, date formats and whole dollar or thousand-dollar units as specified throughout the instructions (see "Reporting basis" and "Unit of measurement" statements in each item).

• Report fees and costs gross of tax obligations. The instructions define gross of tax obligations to mean gross of income tax, GST and stamp duty, consistent with Schedule 10 and Schedule 10D (Specific instructions). All categories of fees and cost components are explicitly required to be shown gross of tax obligations in their respective definitions.

Rights and constraints inferred from the document:

• RSE licensees have the duty to select and report the return target and risk label; the guidance references the trustees’ estimate and approval processes (Item 1 starting date is the date the return target was approved by the RSE licensee). The instrument does not specify how trustees arrive at the target or label, but it mandates how to report those decisions.

• Where multiple administration fee levels exist, or administration fees are subsidised by employer contributions, the duty is to report the highest fee level and the fee payable from all sources, not only the fee paid by the member (Item 2 column 2). This constrains fee presentation to a highest-fee basis for comparability.

• Where fees and costs have changed over time, the duty is to use the fee and tax arrangements that were in place for the date reported in column 1 when calculating net returns for that year (Item 2 column 2). That imposes record-keeping and historicisation duties on RSE licensees.

• When the product or predecessor product does not have ten years of history, the RSE licensee must omit the moving average calculations (Item 2 column 3), rather than attempting to partial-fill or interpolate.

The text does not set out procedural rights such as appeal mechanisms or internal review of APRA decisions; those are governed by other statutes and are not included in the supplied text. The supplied instrument constrains reporting practice and imposes detailed measurement rules; it prescribes what must be included and how values must be derived for the Product Dashboard reporting purposes.

The supplied instructions themselves do not specify penalties, civil sanctions, criminal offences or the enforcement mechanisms to be applied for non-compliance with the reporting template. The text is a reporting standard and methodology guide; it repeatedly links the reporting exercise to APRA’s data collection (Interpretation: "reporting day means a day on which an RSE licensee is required by paragraph 8(a), 8(b) or 8(c) of Reporting Standard SRS 700.0 Product Dashboard to report information to APRA"). However, the instrument as provided does not articulate enforcement steps, fines, directions, or the statutory enforcement head under which APRA would act.

Where a reader needs to know enforcement or penalty consequences for failure to comply:

• They should consult Reporting Standard SRS 700.0 itself for obligations triggering the reporting day, and the Corporations Act 2001, the Superannuation Industry (Supervision) Act 1993, and related regulations for the relevant enforcement powers APRA may exercise in relation to reporting non-compliance. The Interpretation section of the instructions expressly defines cross-references to those Acts and regulations (see "Interpretation" list).
• The instructions repeatedly reference other statutory instruments for definitional context (for example, Corporations Act s.1017BA(2)(a)(i) and Corporations Regulations r.7.9.07R). Any statutory enforcement consequences that attach to incorrect or missing reporting will therefore be found in those principal instruments, not in the text supplied here.

Because the supplied text does not include enforcement clauses, readers and compliance teams must not assume penalty amounts or processes from this document alone. Instead they must check:

• Reporting Standard SRS 700.0 paragraph 8 for the reporting obligation trigger,
• APRA's compliance and enforcement policy and powers under the SIS Act and Corporations Act,
• and any relevant sections of the Corporations Regulations and Schedule 10 / Schedule 10D that set disclosure or reporting conditions which might carry statutory non‑compliance ramifications.

In short, this document prescribes substantive reporting mechanics and data definitions; it relies on other statutes and standards for enforcement. The supplied text itself is silent about specific penalties or enforcement processes.

The instructions are tightly cross-referenced to several statutory instruments and other reporting standards; the cross-references determine definitions, the measurement basis for fees and costs, and the reporting triggers.

• Corporations Act and Corporations Regulations. The return target definition explicitly cites Corporations Act s.1017BA(2)(a)(i) and Corporations Regulations r.7.9.07R (Item 1). The instructions also require alignment between the way fees and costs are reported here and how they are required to be disclosed in Product Disclosure Statements, referencing Schedule 10 and Schedule 10D of the Corporations Regulations (Specific instructions). The Interpretation section defines "Corporations Act" and "Corporations Regulations" for the purposes of these instructions.

• SIS Act and SIS Regulations. Multiple definitions in the Interpretation are drawn from the Superannuation Industry (Supervision) Act 1993 and the SIS Regulations 1994, including "RSE", "RSE licensee", "employer sponsor", "lifecycle exception", "lifecycle MySuper product" and related lifecycle stage definitions. Item 5 specifically requires that lifecycle factors reported be those allowable under the SIS Regulations and references regulation 9.47 of the SIS Regulations as the basis for lifecycle stage determination.

• APRA reporting framework. The "reporting day" is defined with reference to paragraph 8(a), 8(b) or 8(c) of Reporting Standard SRS 700.0 Product Dashboard, and the instructions are a companion to that Standard. The text therefore interacts operationally with APRA’s reporting schedules and data collection processes. The instructions require data to be submitted to APRA (Interpretation), and certain fields (for example, the starting date of the return target) are required for APRA’s data collection even where they are not required to be published under the Corporations Act or Corporations Regulations (Item 1).

• Reporting Standard SRS 702.0 Investment Performance. The instructions require that the calculation of net returns and the conversion of flat dollar fees into percentage of assets (and vice versa for dollar fee statements) be "consistent with the equivalent requirements for calculating the net return in Reporting Standard SRS 702.0 Investment Performance" (Item 2 column 2 note; Item 4). That cross-standard linkage means the Product Dashboard numbers must reconcile with investment performance reporting prepared under SRS 702.0.

• ABS CPI series. The method for measuring CPI growth references Australian Bureau of Statistics catalogue 6401.0 Consumer Price Index, with series identifiers specified. Item 1 directs use of series ID A2325847F for "Percentage change from corresponding quarter of previous year; All Groups CPI, Australia". The Interpretation separately defines "CPI" using series id A2325846C, "Index number; All groups; Australia". Both references are to ABS catalogue 6401.0 but they are distinct series identifiers and are called out in different sections, meaning the instructions require specific ABS series usage depending on the calculation context.

• Schedule 10 and Schedule 10D (Corporations Regulations). The instruction that fees and costs be reported "gross of tax obligations" is anchored in Schedule 10 and Schedule 10D of the Corporations Regulations (Specific instructions). This connects Product Dashboard reporting with the statutory PDS disclosure rules and requirement to show fee amounts before taking into account tax deductions that might reduce fees for members.

Operationally, these cross-references create a workflow and data reconciliation obligation:

• The Product Dashboard figures must be consistent with PDS disclosures and with the investment performance figures prepared under SRS 702.0.
• The net return, fees and costs numbers must be computed so that they are comparable across reporting standards and across statutory disclosure regimes.
• Lifecycle allocation reporting must be consistent with allowable factors in the SIS Regulations (e.g., regulation 9.47), which means changes to lifecycle allocation criteria under those regulations necessitate changes to Item 5 reporting.

Finally, the instructions are silent on enforcement; therefore interactions with enforcement provisions in the SIS Act, Corporations Act and APRA prudential rules must be considered by users separately. The instructions make clear they are part of a wider regulatory reporting architecture, not a standalone instrument.

The supplied text does not include an amendment history section, versioning table, legislative footnotes showing prior versions, or a record of changes to the reporting standard. The document itself cross-references multiple statutory and regulatory provisions and other reporting standards (for example, SRS 702.0), but it does not state when these instructions were introduced, revised or republished.

Because no amendment history is provided in the source material, readers who require the legislative or administrative provenance of these instructions must consult:

• APRA’s official release notes and the public versions of Reporting Standard SRS 700.0 Product Dashboard on APRA’s website, which typically include dates of issue and amendment;
• the Federal Register of Legislation or the Gazette for instrument version history and commencement dates;
• the Corporations Regulations, Schedule 10 and Schedule 10D, and Reporting Standard SRS 702.0 (for inter-related changes) to identify consequential changes and alignment timing.

A note on content changes visible inside the instructions. The document references different ABS series identifiers for CPI in different places (Item 1 uses A2325847F; Interpretation uses A2325846C). That internal inconsistency may reflect an evolution or amendment in the SI’s drafting history. Users should verify the authoritative, current instruction set and the exact ABS series to be used at the time data is prepared by cross-checking the operative version on APRA’s or the Federal Register’s site.

Absent an amendment record in the supplied text, practitioners should not rely on this copy as the final or current operative instrument. They must obtain the current instrument and confirm any amendments, effective dates and transitional rules that APRA or the responsible agency published. The Interpretation section defines the principal Acts and regulations that contextualise the instructions and should be checked for amendments that have changed cross-referenced definitions or thresholds.

The supplied instructions do not contain any litigation history. The document does not cite cases, decisions, or judicial interpretations of Reporting Standard SRS 700.0 or its components. It does not recount any disputes over methodology, nor does it reference administrative appeals or tribunal decisions. The only authorities cited are statutory provisions, reporting standards and industry guidance papers (for instance, the ASFA/FSC Standard Risk Measure guidance papers referenced in Item 3).

Because the text contains no litigation history, compliance and legal teams needing to understand judicial interpretation should search:

• decisions of courts and tribunals that touch on the Corporations Act and SIS Act reporting obligations related to product disclosure, performance reporting or APRA reporting,
• APRA decisions, determinations or published enforcement actions where reporting quality, completeness or methodology was the subject of regulatory action.

In the absence of litigation or case law in the source, readers should treat the instructions as a technical administrative instrument that sits inside a broader statutory and regulatory regime. Any litigation concerns about interpretation or required methodology therefore must be researched in external case law and APRA administrative materials.

The instructions contain multiple detailed rules that, if missed, will produce incorrect or non‑compliant submissions. The following are concrete "gotchas" taken from the source that practitioners should verify in process and controls.

• Gross of tax obligations requirement. Fees and costs must be reported "gross of tax obligations" (Specific instructions and multiple definitions). Gross of tax obligations is explicitly defined to include gross of income tax, GST and stamp duty, and must be consistent with the manner required in Product Disclosure Statements per Schedule 10 and Schedule 10D. Practically, this requires reversing any tax‑adjusted fee presentations used for PDSs or internal reporting that reflect tax deductions or offsets.

• Two different ABS series identifiers for CPI appear. Item 1 tells practitioners to "Measure growth in CPI using the annual growth in CPI as reported by the ABS in catalogue 6401.0 data series ID A2325847F: Percentage change from corresponding quarter of previous year; All Groups CPI, Australia." The Interpretation defines CPI as series id A2325846C, "Index number; All groups; Australia." The instructions therefore reference different ABS series identifiers in different sections, which can cause confusion. Carefully follow the ABS series identified in each calculation item rather than applying a single CPI series across all calculations without checking the item text.

• Representative member construct and exclusion of gains on $50,000. The representative member is defined as someone fully invested in the option, incurring no activity fees, and holding a $50,000 balance "throughout that year. Excludes: investment gains/losses on the $50,000 balance." That specific exclusion can materially affect the net return calculation; leave explicit margin for implementing systems that exclude gains/losses on that $50,000 from the representative member's investment returns.

• Highest fee level where multiples exist. If multiple administration fee levels exist or administration fees are subsidised by employer contributions, report the highest fee level and the fee payable from all sources, not only the fee paid by the member (Item 2 column 2). This is a conservative reporting rule that can materially elevate the reported administration fee for benchmarking and public dashboards.

• Historic fee/time sensitivity for net return calculations. Where fees and costs have changed over time, the calculation of net returns for a given historical year must use the fee and tax arrangements in place for that year. This requires historic fee schedules and tax treatment snapshots to be retained and used, creating record-keeping and data storage obligations (Item 2 column 2).

• Moving averages require ten full years. Moving average returns and moving average return targets must be computed over a full ten year rolling period that includes the year reported. If ten years of net return history do not exist, the moving average must not be calculated and must be left blank (Item 2 column 3). No prorating or interpolation is allowed by the instruction.

• Return target construction and the starting date. The return target is "the mean of this distribution" of possible outcomes that exceed CPI growth over ten years (Item 1). The starting date for the return target (Item 1.1) must be reported to APRA even if it is not required to be published under the Corporations Act or Corporations Regulations. That means internal governance documents recording trustees’ approval dates must be retained and made available for reporting.

• Prospective approach to Item 4. The item 4 fees statement is prospective and must be based on "estimated fee and cost information annualised for the following year." For example, a submission as at 30 June 2015 requires estimated fees expected to apply in the year to 30 June 2016. This requires forecasting and governance over forward-looking estimates, not simply historical fee data (Item 4).

• Consistency with SRS 702.0. The document requires consistency with SRS 702.0 Investment Performance when converting between flat dollar fees and percentage of assets for net return calculations and vice versa for reporting fees in dollar amounts (Item 2 and Item 4). If internal performance reporting uses different assumptions or conventions than SRS 702.0, numbers will not reconcile.

• Granularity and unit constraints. Each item prescribes specific units and decimal precision: e.g., Item 1 as a percentage of representative member balance to one decimal place; dates as DD/MM/YYYY; Item 2 columns 2-4 as a percentage to two decimal places; Item 3 as a whole number to one decimal place; Item 4 in whole dollars. Failure to match these units can cause submission rejections or require rework.

• Lifecycle stage reporting granularity. Item 5 requires each distinct combination of lifecycle allocation factors to be a separate line. Where lifecycle allocation is based on intersecting criteria (age and gender bands that differ by gender, or age cohorts based on decades), trustees must ensure each cohort is separately reported and that reported ages avoid overlap (Item 5 examples).

• Advice fees and advice-related tax items must be separately captured and shown gross of tax. Advice fees, indirect cost ratio advice costs, other advice costs, and advice related tax expense/benefit are all distinct line items and must be shown gross of tax obligations (Item 2 definitions and Item 4). If advice is bundled or indirectly charged, it still needs to be separated out for reporting purposes.

• Use of predecessor product data. Item 2 allows reporting of returns for the MySuper product or the predecessor product as relevant, and gives an example where early partial-year returns must be excluded. Care is needed when a product has changed structure or been succeeded by another product to ensure the appropriate predecessor history is used and partial years excluded (Item 2 column 1 notes).

Each of these is a concrete implementation trap: data sources, historical fee schedules, conversion methodologies, CPI series selection, rounding rules and governance records must be coordinated before the reporting day.

This is an operational checklist, grounded in the instructions, for RSE licensees preparing a Product Dashboard submission. It is not legal advice; it reproduces process steps implicit in the instructions.

1. Confirm applicable reporting day and scope

   • Identify whether the product is a non-lifecycle MySuper product or a lifecycle MySuper product. If the latter, determine lifecycle stages and allocation rules (Item 1, Part B Item 5).
   • Confirm the reporting day as defined by paragraph 8(a), 8(b) or 8(c) of Reporting Standard SRS 700.0 Product Dashboard (Interpretation). Obtain the operative SRS 700.0 text to confirm deadlines and submission mechanisms.

2. Governance and record retention

   • Record and retain the trustees’ approval date for the return target (Item 1.1) and any governance papers that justify the return target and risk label (Item 1 and Item 3).
   • Ensure historic fee schedules, employer subsidy arrangements, and tax treatment snapshots are kept for each reporting year to enable retrospective net return calculations using the fees and tax arrangements in place for each year (Item 2 column 2).

3. Representative member construct and net return calculation

   • Define the representative member assumptions in systems: fully invested in the option, no activity fees, account balance $50,000 throughout the year, and exclude investment gains/losses on the $50,000 balance when computing the net investment return for that representative member (Item 2 definitions).
   • Calculate net investment return using time-weighted rate of return net of investment fees, indirect cost ratio investment costs, other investment costs and taxes on investment income, with cash‑flow adjustment as they occur (Item 2 definitions).
   • Deduct administration fees, indirect cost ratio administration costs, other administration costs and administration-related tax expense/benefit, and advice fees, indirect cost ratio advice costs, other advice costs and advice-related tax expense/benefit, as specified, to produce the net return of the representative member (Item 2 column 2).

4. Fees and cost reporting, gross of tax

   • Recompute PDS or internal fee presentations so that all fee and cost line items are shown gross of tax obligations (income tax, GST and stamp duty), consistent with Schedule 10 and Schedule 10D of the Corporations Regulations (Specific instructions; Item 2 and Item 4 definitions).
   • Where fees are charged on a flat dollar basis in the bookkeeping system, convert to percentage of assets using the representative member conversion rules from SRS 702.0 for inclusion in net return calculations. Conversely, for Item 4 you may need to convert percentage fees into dollar amounts for the representative member for the prospective year as per SRS 702.0 conversion conventions (Item 2 and Item 4 notes).

5. Return target and moving average calculations

   • Calculate the return target as the mean annualised rate of net return exceeding CPI growth over ten years using the net return of the representative member as described in Item 1. For the CPI growth component, use the ABS series identified in Item 1 (catalogue 6401.0 series ID A2325847F for percentage change from corresponding quarter of previous year; All Groups CPI, Australia) for the return target calculation unless a later authoritative version of the instructions amends that series (Item 1).
   • For Item 2 column 3 compute the ten year moving average return rMA,t = (rt + rt-1 + ... + rt-9)/10, but only if ten whole years of net returns exist (Item 2 column 3). Do not calculate a moving average if ten years do not exist.
   • For Item 2 column 4 compute the ten year moving average return target by first calculating the "actual target" for each year as the sum of the return target that existed for that year (or the closest available return target) plus the annual CPI growth for that year (using the ABS series designated in Item 2 column 4 computation). Then take the moving average over ten years as described in the formula (Item 2 column 4).

6. Investment risk label and numeric mapping

   • Determine the Standard Risk Measure risk label that best represents the product or lifecycle stage and map it to the numeric range for expected negative net investment return years over a 20 year period, using the specific breakpoints: Very low (<0.5), Low (0.5-<1), Low to medium (1-<2), Medium (2-<3), Medium to high (3-<4), High (4-<6), Very high (6+). Consult the ASFA/FSC guidance papers referenced for implementation detail (Item 3).

7. Prospective fee statement (Item 4)

   • Prepare a forward-looking annualised estimate of fees and other costs expected to be paid for the year ending 30 June after the reporting day. Sum the investment, administration and advice fee elements (investment fees, indirect cost ratio investment costs, other investment costs; administration fees, indirect cost ratio administration costs, other administration costs; advice fees, indirect cost ratio advice costs, other advice costs) for the representative member, with all items gross of tax obligations (Item 4).
   • Ensure dollar presentation is in whole dollars for Item 4 and that conversions follow SRS 702.0 conventions.

8. Lifecycle stage factors (Item 5)

   • Where the product is a lifecycle MySuper product, list each distinct combination of allocation factors as a separate row and report the required fields: minimum/maximum age, gender, minimum/maximum account balance (thousands), minimum/maximum contribution rate (percentage), minimum/maximum current salary (thousands), minimum/maximum time remaining to retirement (years), and other allowable factors under SIS Regulations (Item 5).
   • Avoid overlaps when age bands are based on decades; follow the guidance examples in Item 5 to prevent over‑lapping age bands that would confuse allocation rules.

9. Units, rounding and formatting

   • Use the precise unit and rounding conventions specified: Item 1 percentage to one decimal place; Item 1.1 date DD/MM/YYYY; Item 2 column 2-4 percentage of representative member balance to two decimal places; Item 3 as a whole number to one decimal place; Item 4 in whole dollars; Item 5 columns in whole numbers, thousands or percentages as specified (Item-specific units).
   • Ensure submission files use DD/MM/YYYY date format and the numeric precision required by each field.

10. Cross-checks and reconciliation

    • Reconcile the fees and costs reported in Item 4 with the PDS fee tables and the SRS 702.0 investment performance reports. Ensure any income tax effects or employer subsidies are consistently handled and disclosed gross of tax obligations.
    • Reconcile historical net return figures with investment accounting systems and with the representative member assumptions. Maintain an audit trail of source calculations and the data series used for CPI.

11. Documentation and audit trail

    • Archive the CPI series extracts and the exact ABS series ID used, the trustee approvals for return targets and risk labels, the conversion methodologies applied from SRS 702.0, and the historical fee schedules and employer subsidy arrangements used for each year in Item 2. This documentation supports APRA data quality checks and internal audit.

12. Where the instructions are unclear or have internal inconsistencies

    • Address the ABS series identifier inconsistency by checking the operative version of the instructions on APRA’s site or by contacting APRA for confirmation about which ABS series to use in each calculation context.
    • If other ambiguities arise, document the chosen interpretation and the rationale and seek confirmation from APRA where appropriate prior to filing.

Following these steps will align an RSE licensee’s calculations and reporting with the specific mechanics in the instructions: representative member assumptions, gross-of-tax presentation, SRS 702.0 conversion consistency, moving average rules, risk band mappings, and the lifecycle stage reporting format.