Get a plain-English read of Specific instructions

Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 21 of 2015 - SRS 700.0 - Product Dashboard.

Specific instructions

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

For the purposes of these instructions, a ‘fee’ is an amount directly charged to members (regardless of who pays the fee) and a ‘cost’ is an amount incurred by the RSE licensee. The definitions of ‘fee’ and ‘cost’ are mutually exclusive.

For the purposes of these instructions, fees and costs must be reported ‘gross of tax obligations’ where ‘gross of tax obligations’ refers to gross of income tax, GST and stamp duty consistent with the manner in which they are required to be disclosed in Product Disclosure Statements, where applicable. Reference: Schedule 10 and Schedule 10D of the Corporations Regulations. This means the fees and costs must be reported prior to taking into account any benefit of a tax deduction relating to a fee that is passed on to a member either as a reduction in tax on contributions or through the deduction of a fee that is lower than what is reported to take account of the tax deduction.

Product dashboard

Part A: Performance, investment risk, fees and costs

Item 1 to item 4 inclusive collect information about the product dashboard with respect to a non-lifecycle MySuper product or a lifecycle stage of a lifecycle MySuper product.

Reporting basis: report item 1 and item 3 as at the reporting day; report item 2 in relation to changes in net assets during the ten most recent years ending 30 June (or, if shorter, the relevant offering period under rr. 7.9.07S(2), 7.9.07S(4), 7.9.07T(2) or 7.9.07T(4) of the Corporations Regulations, as relevant); and report item 4 in relation to fees and costs expected to be paid during the current year ending 30 June.

Unit of measurement: report item 1 as a percentage of representative member balance to one decimal place; item 1.1 and item 2 column 1 as DD/MM/YYYY; report item 2 column 2, column 3 and column 4 as a percentage of representative member balance to two decimal places; report item 3 as a whole number to one decimal place; and report item 4 in whole dollars.

Item 1

Information reported in item 1 relates to the return target on the product dashboard.[9]Report the return target for the non-lifecycle MySuper product or the return target for the lifecycle stage of a lifecycle MySuper product, as relevant, in item 1.Report the starting date for the return target in item 1.1.Note that the return target is calculated using a net return of a representative member. Net return of a representative member is defined in item 2.The definition of return target refers to growth in the CPI. Measure growth in CPI using the annual growth in CPI as reported by the Australian Bureau of Statistics in catalogue 6401.0 Consumer Price Index, Australia, data series ID A2325847F: Percentage change from corresponding quarter of previous year; All Groups CPI, Australia.Example: An RSE licensee may estimate a distribution of possible outcomes for the annualised percentage rate of net return that exceeds the growth in the CPI over ten years. The return target is the mean of this distribution.Note that the starting date for the return target is not required to be published on the product dashboard under the Corporations Act or Corporations Regulations, but is for APRA’s data collection purposes.

Item 2	Information reported in item 2 relates to the return[10] and a comparison between return target and return on the product dashboard.[11]Report each period for which the return must be calculated as a separate row in item 2.[12]
Item 2column 1	Report the date to which the return relates in item 2 column 1.Example (report only full years to 30 June): if the MySuper product and predecessor product have been offered since 15 August 2010 and the reporting day is 30 June 2014, report the dates 30/06/2012, 30/06/2013 and 30/06/2014 as separate lines in item 2 column 1, representing the return for the years ending 30 June 2012, 30 June 2013 and 30 June 2014.Note that the first period (15 August 2010 to 30 June 2011) is a partial year and must not be included as a return calculated over a partial year is not comparable to a full year return.
Item 2column 2	For each date reported in item 2 column 1, report the return for the non-lifecycle MySuper product (or predecessor product[13]) or the return for the lifecycle stage of a lifecycle MySuper product (or predecessor product), as relevant, in column 2.Calculate the return in column 2 as the net return of a representative member.The net return of a representative member 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, where:administration fees, costs and taxes represents the sum of administration fees, indirect cost ratio administration costs, other administration costs and administration-related tax expense/benefit; andadvice fees, costs and taxes represents the sum of advice fees, indirect cost ratio advice costs, other advice costs and advice-related tax expense/benefit.Note that the calculation of the net return of a representative member must be consistent with the equivalent requirements for calculating the net return in Reporting Standard SRS 702.0 Investment Performance using the representative member to convert fees charged on a flat dollar basis into fees charged on a percentage of assets.Where there are multiple administration fee levels, or administration fees are subsidised by additional employer contributions, report the highest fee level and the fee payable from all sources, not only the fee paid by the member.Where the fees and costs have changed over time, the relevant administration fees, costs and taxes and advice fees, costs and taxes that were in place for the date reported in column 1 must be used in the net return calculation for that year.
Item 2column 3	For each date reported in item 2 column 1, report the ‘moving average return’[14] for the non-lifecycle MySuper product or the ‘moving average return’ for the lifecycle stage of a lifecycle MySuper product, as relevant, in column 3. Calculate the ‘moving average return’ in column 3 as:Where:t is the year reported in item 2 column 1;rMA,t is the moving average return calculated as at year t over the prior ten years (year t, t-1, t-2,...,t-9); andrt-i is the net return for year t-i where i = 0,...,9 (i.e. year t, t-1, t-2,…, t-9).If the net return does not exist and cannot be calculated for all years t, t-1, t-2,…, t-9, the moving average return for year t must not be calculated.For example, if the MySuper product has only existed for four years, the ten year moving average must not be calculated as ten years of history do not exist.
Item 2column 4	For each date reported in item 2 column 1, report the ‘moving average return target’[15] for the non-lifecycle MySuper product or the ‘moving average return target’ for the lifecycle stage of a lifecycle MySuper product, as relevant, in column 4.Calculate the ‘moving average return target’ in column 4 as follows.For each year in column 1 and the prior ten years, calculate an ‘actual target’ as the sum of:(1) the return target for that year as either:(a) the return target that existed for that year where the return target is calculated in accordance with item 1; or(b) where no return target existed for a given year, use the return target that existed closest to that year that is calculated in accordance with item 1; and(2) the annual growth in CPI as reported by the Australian Bureau of Statistics in catalogue 6401.0 Consumer Price Index, Australia, data series ID A2325847F: Percentage change from corresponding quarter of previous year; All Groups CPI, Australia.Calculate the ten year ‘moving average return target’ as the moving average of the actual target for each year reported in item column 1 as:Where:t is the year reported in item 2 column 1; andActualTargett-i is the actual target for year t-i where i = 0,...,9 (i.e. year t, t-1, t-2,…, t-9).
Net investment return	Represents the time-weighted rate of return on investments, net of investment fees, indirect cost ratio investment costs, other investment costs and taxes on investment income, adjusted for cash flows as they occur.
Representative member	Represents a member who is fully invested in the given investment option, who does not incur any activity fees during a year and who has an account balance of $50,000 throughout that year. Excludes: investment gains/losses on the $50,000 balance.
Administration fees	Represents a fee within the meaning given in s. 29V(2) of the SIS Act, gross of tax obligations, that relates to the administration or operation of the fund.
Indirect cost ratio	Represents the ratio of the total of the indirect costs for a MySuper product or an investment option, to the total average net assets of the superannuation entity attributed to the MySuper product or investment option. Reference cl. 104(1) of Schedule 10 to the Corporations Regulations.
Indirect cost ratio administration costs	Represents the portion of the indirect cost ratio relating to administration costs. These costs must be shown gross of tax obligations.
Other administration costs	Represents costs associated with administration charged to a member by way of a reduction in returns, deduction from contributions or deduction from account balance, but which were not explicitly disclosed in the Product Disclosure Statement. These costs must be shown gross of tax obligations.
Administration related tax expense/benefit	Represents the tax expense or benefit derived from administration fees or costs charged to a member.
Advice fees	Represents a fee within the meaning given in s. 29V(8) of the SIS Act, 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.

Item 2

Information reported in item 2 relates to the return[10] and a comparison between return target and return on the product dashboard.[11]Report each period for which the return must be calculated as a separate row in item 2.[12]

Item 2column 1

Report the date to which the return relates in item 2 column 1.Example (report only full years to 30 June): if the MySuper product and predecessor product have been offered since 15 August 2010 and the reporting day is 30 June 2014, report the dates 30/06/2012, 30/06/2013 and 30/06/2014 as separate lines in item 2 column 1, representing the return for the years ending 30 June 2012, 30 June 2013 and 30 June 2014.Note that the first period (15 August 2010 to 30 June 2011) is a partial year and must not be included as a return calculated over a partial year is not comparable to a full year return.

Item 2column 2

For each date reported in item 2 column 1, report the return for the non-lifecycle MySuper product (or predecessor product[13]) or the return for the lifecycle stage of a lifecycle MySuper product (or predecessor product), as relevant, in column 2.Calculate the return in column 2 as the net return of a representative member.The net return of a representative member 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, where:administration fees, costs and taxes represents the sum of administration fees, indirect cost ratio administration costs, other administration costs and administration-related tax expense/benefit; andadvice fees, costs and taxes represents the sum of advice fees, indirect cost ratio advice costs, other advice costs and advice-related tax expense/benefit.Note that the calculation of the net return of a representative member must be consistent with the equivalent requirements for calculating the net return in Reporting Standard SRS 702.0 Investment Performance using the representative member to convert fees charged on a flat dollar basis into fees charged on a percentage of assets.Where there are multiple administration fee levels, or administration fees are subsidised by additional employer contributions, report the highest fee level and the fee payable from all sources, not only the fee paid by the member.Where the fees and costs have changed over time, the relevant administration fees, costs and taxes and advice fees, costs and taxes that were in place for the date reported in column 1 must be used in the net return calculation for that year.

Item 2column 3

For each date reported in item 2 column 1, report the ‘moving average return’[14] for the non-lifecycle MySuper product or the ‘moving average return’ for the lifecycle stage of a lifecycle MySuper product, as relevant, in column 3. Calculate the ‘moving average return’ in column 3 as:Where:t is the year reported in item 2 column 1;rMA,t is the moving average return calculated as at year t over the prior ten years (year t, t-1, t-2,...,t-9); andrt-i is the net return for year t-i where i = 0,...,9 (i.e. year t, t-1, t-2,…, t-9).If the net return does not exist and cannot be calculated for all years t, t-1, t-2,…, t-9, the moving average return for year t must not be calculated.For example, if the MySuper product has only existed for four years, the ten year moving average must not be calculated as ten years of history do not exist.

Item 2column 4

For each date reported in item 2 column 1, report the ‘moving average return target’[15] for the non-lifecycle MySuper product or the ‘moving average return target’ for the lifecycle stage of a lifecycle MySuper product, as relevant, in column 4.Calculate the ‘moving average return target’ in column 4 as follows.For each year in column 1 and the prior ten years, calculate an ‘actual target’ as the sum of:(1) the return target for that year as either:(a) the return target that existed for that year where the return target is calculated in accordance with item 1; or(b) where no return target existed for a given year, use the return target that existed closest to that year that is calculated in accordance with item 1; and(2) the annual growth in CPI as reported by the Australian Bureau of Statistics in catalogue 6401.0 Consumer Price Index, Australia, data series ID A2325847F: Percentage change from corresponding quarter of previous year; All Groups CPI, Australia.Calculate the ten year ‘moving average return target’ as the moving average of the actual target for each year reported in item column 1 as:Where:t is the year reported in item 2 column 1; andActualTargett-i is the actual target for year t-i where i = 0,...,9 (i.e. year t, t-1, t-2,…, t-9).

Net investment return

Represents the time-weighted rate of return on investments, net of investment fees, indirect cost ratio investment costs, other investment costs and taxes on investment income, adjusted for cash flows as they occur.

Representative member

Represents a member who is fully invested in the given investment option, who does not incur any activity fees during a year and who has an account balance of $50,000 throughout that year. Excludes: investment gains/losses on the $50,000 balance.

Administration fees

Represents a fee within the meaning given in s. 29V(2) of the SIS Act, gross of tax obligations, that relates to the administration or operation of the fund.

Indirect cost ratio

Represents the ratio of the total of the indirect costs for a MySuper product or an investment option, to the total average net assets of the superannuation entity attributed to the MySuper product or investment option. Reference cl. 104(1) of Schedule 10 to the Corporations Regulations.

Indirect cost ratio administration costs

Represents the portion of the indirect cost ratio relating to administration costs. These costs must be shown gross of tax obligations.

Other administration costs

Represents costs associated with administration charged to a member by way of a reduction in returns, deduction from contributions or deduction from account balance, but which were not explicitly disclosed in the Product Disclosure Statement. These costs must be shown gross of tax obligations.

Administration related tax expense/benefit

Represents the tax expense or benefit derived from administration fees or costs charged to a member.

Advice fees

Represents a fee within the meaning given in s. 29V(8) of the SIS Act, 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.

Indirect cost ratio advice costs	Represents the portion of the indirect cost ratio relating to advice costs. These costs must be shown gross of tax obligations.
Other advice costs	Represents costs associated with advice charged to a member by way of a deduction from returns, deduction from contributions or deduction from account balance, which were not explicitly disclosed in the Product Disclosure Statement. These costs must be shown gross of tax obligations.
Advice related tax expense/benefit	Represents the tax expense or benefit derived from advice expenses or due to advice related activities.

<table cellspacing="0" cellpadding="0" style="width:461.45pt; border:0.75pt solid #000000; border-collapse:collapse"><tbody><tr><td style="width:79.9pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">Item 3</td><td style="width:359.2pt; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">Information reported in item 3 relates to the level of investment risk on the product dashboard.<a id="_ftnref16"></a><a href="#_ftn16" style="text-decoration:none">[16]</a>Report the level of investment risk for the non-lifecycle MySuper product or the level of investment risk for the lifecycle stage of a lifecycle MySuper product, as relevant, in item 3 with the relevant risk label in item 3.1.The relevant risk labels relating to each level of investment risk are:<table cellspacing="0" cellpadding="0" style="border:0.75pt solid #000000; border-collapse:collapse"><tbody><tr style="height:17pt"><td style="width:84.25pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">Relevant risk label</td><td style="width:245.45pt; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">Level of investment risk - estimated number of negative net investment returns over a 20 year period</td></tr><tr style="height:17pt"><td style="width:84.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">Very low</td><td style="width:245.45pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">Less than 0.5</td></tr><tr style="height:17pt"><td style="width:84.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">Low</td><td style="width:245.45pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">0.5 to less than 1</td></tr><tr style="height:17pt"><td style="width:84.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">Low to medium</td><td style="width:245.45pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">1 to less than 2</td></tr><tr style="height:17pt"><td style="width:84.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">Medium</td><td style="width:245.45pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">2 to less than 3</td></tr><tr style="height:17pt"><td style="width:84.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">Medium to High</td><td style="width:245.45pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">3 to less than 4</td></tr><tr style="height:17pt"><td style="width:84.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">High</td><td style="width:245.45pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">4 to less than 6</td></tr><tr style="height:17pt"><td style="width:84.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">Very high</td><td style="width:245.45pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">6 or greater</td></tr></tbody></table>Refer to the Standard Risk Measure Guidance Paper For Trustees July 2011 and Standard Risk Measure, Implementation Guidance For Trustees December 2012 issued by the Association of Superannuation Funds of Australia and the Financial Services Council in respect of disclosure of investment risk, including risk labels.</td></tr><tr><td style="width:79.9pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">Level of investment risk</td><td style="width:359.2pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top">Represents the estimated number of years in a 20 year period that the RSE licensee estimates that negative net investment returns will be incurred.</td></tr></tbody></table>

Return target	Represents the mean annualised estimate of the percentage rate of net return that exceeds the growth in the CPI over ten years. Reference: Corporations Act, s. 1017BA(2)(a)(i), Corporations Regulations, r. 7.9.07R.
Starting date	Represents the date the return target was approved by the RSE licensee.

Item 4	Information reported in item 4 relates to the statement of fees and other costs on the product dashboard.[17]Report the statement of fees and costs in item 4 as a prospective figure, based on the estimated fee and cost information annualised for the following year.Example: for SRF 700.0 submitted as at 30 June 2015, report the estimated fees and costs that the RSE licensee expects to apply in respect of the MySuper product for the year to 30 June 2016.Report the statement of fees and other costs for the non-lifecycle MySuper product or the statement of fees and other costs for the lifecycle stage of a lifecycle MySuper product, as relevant, in item 4.Calculate the statement of fees and other costs as the sum of:investment fees, indirect cost ratio investment costs and other investment costs for a representative member,administration fees, indirect cost ratio administration costs and other administration costs for a representative member; andadvice fees, indirect cost ratio advice costs and other advice costs for a representative member,for the year ending 30 June.Note that the calculation of investment, administration and advice fees and costs must be consistent with equivalent requirements in Reporting Standard SRS 702.0 Investment Performance using the representative member to convert fees charged on a percentage of assets basis into a dollar amount of fees.
Investment fee	Represents a fee within the meaning given in s. 29V(3) of the SIS Act, gross of tax obligations, that relates to the investment of the assets of the entity.
Indirect cost ratio investment costs	Represents the portion of the indirect cost ratio that relates to investment costs. These costs must be shown gross of tax obligations.
Other investment costs	Represents costs that relate to the investment of the assets of the fund, which were not explicitly disclosed in the Product Disclosure Statement. These costs must be shown gross of tax obligations.