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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 22 of 2021.

Reporting Form SRF 706.0

Fees and Costs Disclosed

Instruction Guide

This instruction guide is designed to assist in the completion of Reporting Form SRF 706.0 Fees and Costs Disclosed (SRF 706.0).

General directions and notes

Reporting level

SRF 706.0 must be completed for each superannuation product, investment menu and investment option within each RSE, defined benefit RSE and eligible rollover fund (ERF) within its business operations excluding the following:

investment options which have been aggregated as permitted in Table 3 of Reporting Form SRF 605.0 RSE Structure (SRF 605.0);
investment options which solely underlie defined benefits; and
investment options which are reported on SRF 605.0 under investment option category Annuity.

Report fees and costs for the superannuation product, investment menu or investment option at which they arise or are incurred.

RSE licensees need to determine the appropriate reporting level for each of the applicable fees and costs depending on the structure of the RSE, defined benefit RSE and ERF.

Fees and costs may be incurred at each RSE structure level, but may vary depending on the combination of RSE structure levels a member is in.

For example, it is expected that administration fees will generally be reported at a superannuation product level, platform fees may sometimes be reported at the investment menu level, while investment management fees will generally be reported at the investment option level. The investment management fee for an investment option may vary depending on which superannuation product the member is invested through.

Where the fee or cost is applicable to all members in the RSE structure level, the RSE licensee must report data for that RSE structure level and report ‘ALL’ for the remaining RSE structure levels.

Where the fee or cost varies depending on the combination of RSE structure levels, the RSE licensee must report data for each relevant combination of superannuation product, investment menu and investment option.

For example, an administration fee that applies across all investment menus and investment options within a superannuation product would be identified with the relevant superannuation product identifier to which it applies. The investment menu identifier and investment option identifier would be reported as ‘ALL’.

Reporting tables

Tables described in this reporting form list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.

Column	Field name	Unique identifier	Applicable to	Valid values	Description
1	Fees And Costs Arrangement Identifier	Y	All filers	No more than 20 alpha-numeric characters (with no special characters)	Report the fees and costs arrangement identifier that the fee or cost relates to. The fees and costs arrangement identifier must correspond to a fees and costs arrangement identifier reported in SRF 605.0.
2	Superannuation Product Identifier	Y	All filers	No more than 20 alpha-numeric characters (with no special characters)	Report the superannuation product identifier that the fee or cost relates to. The superannuation product identifier must correspond to a superannuation product identifier reported in SRF 605.0.If the fee or cost incurred does not depend on the superannuation product, report ‘ALL’.
3	Investment Menu Identifier	Y	All filers	No more than 20 alpha-numeric characters (with no special characters)	Report the investment menu identifier that the fee or cost relates to. The investment menu identifier must correspond to an investment menu identifier reported in SRF 605.0.If the fee or cost incurred does not depend on the investment menu, report ‘ALL’.
4	Investment Option Identifier	Y	All filers	No more than 20 alpha-numeric characters (with no special characters)	Report the investment option identifier that the fee or cost relates to. The investment option identifier must correspond to an investment option identifier reported in SRF 605.0.If the fee or cost incurred does not depend on the investment option, report ‘ALL’.
5	Fees And Costs Disclosed Description Text	Y	All filers	Free text	Report a brief description of the fee or cost.
6	Fees And Costs Component Type	Y	All filers	Indirect CostsIndirect Cost RatioFees Deducted Directly From Member AccountOther Fees And Costs	Report the fees and costs component type of the fee or cost.
7	Fees And Costs Component Activity Type	Y	All filers	InvestmentAdministrationTransactionAdviceMember Activity	Report the fees and costs component activity of the fee or cost.A fee or cost can only be characterised as being related to one component activity.
8	Investment Charge Type	Y	All filers	BasePerformance LinkedNot Applicable	Report the investment charge type for the fee or cost.For fees or costs where a fees and costs component activity other than Investment has been reported, the investment charge type should be reported as Not Applicable.
9	Activity Fee Type	Y	All filers	Advice FeeBrokerage FeeBuy Sell SpreadContribution FeeContribution Splitting FeeDishonoured Payment FeeEstablishment FeeFamily LawFinancial AdviceFinancial Hardship ApplicationInsurance FeeLost Member Search FeeNo TFN Tax Recovery FeeNon Intrafund Advice FeeSwitching FeeWithdrawal FeeOtherNot Applicable	Report the activity fee type for the fee or cost.For fees or costs where a fees and costs component activity other than Member Activity has been reported, the activity fee type should be reported as Not Applicable.
10	Fees And Costs Calculation Frequency Type	Y	All filers	AnnualBiannualQuarterlyMonthlyWeeklyDailyPer ActivityOther	Report the frequency that the fee or cost is calculated.
11	Fees And Costs Charge Frequency Type	Y	All filers	AnnualBiannualQuarterlyMonthlyWeeklyDailyPer ActivityOther	Report the frequency that the fee or cost is charged.
12	Tier Type	Y	All filers	FlatMarginalNot Applicable	Where the value of the fee or cost is dependent on a tiering structure, report the tier type, otherwise report Not Applicable.
13	Tier Arrangement Identifier	Y	All filers	Whole numbers	Where the value of the fee or cost is dependent on a tiering structure, report the tier arrangement, otherwise report 0.
14	Tier Number Identifier	Y	All filers	Whole numbers	Where the value of the fee or cost is dependent on a tiering structure, report the tier number, otherwise report 0.
15	Lower Bound Tier Account Balance Amount		All filers	Whole dollars	Where the value of the fee or cost is dependent on a tiering structure, report the tier lower bound, otherwise leave this field blank.If there is no tier lower bound, this field should be left blank.
16	Upper Bound Tier Account Balance Amount		All filers	Whole dollars	Where the value of the fee or cost is dependent on a tiering structure, report the tier upper bound, otherwise leave this field blank.If there is no tier upper bound, this field should be left blank.
17	Flat Dollar Amount		All filers	Dollars and cents	Report the flat dollar amount of the fee or cost, where one exists, otherwise leave this field blank.
18	Charge Minimum Percent		All filers	Percentage to 4 decimal places	Report the minimum charge (%), where one exists, otherwise leave this field blank.
19	Charge Maximum Percent		All filers	Percentage to 4 decimal places	Report the maximum charge (%), where one exists, otherwise leave this field blank.
20	Expense Or Benefit Account Balance Percent		All filers	Percentage to 4 decimal places	Report the percentage value (% of balance) of the fee or cost, where one exists, otherwise report 0%.
21	Expense Or Benefit Transaction Percent		All filers	Percentage to 4 decimal places	Report the percentage value (% of transaction) of the fee or cost, where one exists, otherwise report 0%.
22	Charge Minimum Amount		All filers	Dollars and cents	Report the minimum charge ($), where one exists, otherwise leave this field blank.
23	Charge Maximum Amount		All filers	Dollars and cents	Report the maximum charge ($), where one exists, otherwise leave this field blank.
24	Free Activities Count		All filers	Whole numbers	Report the number of free activities for the fee or cost.For fees or costs where a fees and costs component activity other than Member Activity has been reported, this field should be left blank.

Column

Field name

Unique identifier

Applicable to

Valid values

Description

Fees And Costs Arrangement Identifier

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the fees and costs arrangement identifier that the fee or cost relates to. The fees and costs arrangement identifier must correspond to a fees and costs arrangement identifier reported in SRF 605.0.

Superannuation Product Identifier

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the superannuation product identifier that the fee or cost relates to. The superannuation product identifier must correspond to a superannuation product identifier reported in SRF 605.0.If the fee or cost incurred does not depend on the superannuation product, report ‘ALL’.

Investment Menu Identifier

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the investment menu identifier that the fee or cost relates to. The investment menu identifier must correspond to an investment menu identifier reported in SRF 605.0.If the fee or cost incurred does not depend on the investment menu, report ‘ALL’.

Investment Option Identifier

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the investment option identifier that the fee or cost relates to. The investment option identifier must correspond to an investment option identifier reported in SRF 605.0.If the fee or cost incurred does not depend on the investment option, report ‘ALL’.

Fees And Costs Disclosed Description Text

All filers

Free text

Report a brief description of the fee or cost.

Fees And Costs Component Type

All filers

Indirect CostsIndirect Cost RatioFees Deducted Directly From Member AccountOther Fees And Costs

Report the fees and costs component type of the fee or cost.

Fees And Costs Component Activity Type

All filers

InvestmentAdministrationTransactionAdviceMember Activity

Report the fees and costs component activity of the fee or cost.A fee or cost can only be characterised as being related to one component activity.

Investment Charge Type

All filers

BasePerformance LinkedNot Applicable

Report the investment charge type for the fee or cost.For fees or costs where a fees and costs component activity other than Investment has been reported, the investment charge type should be reported as Not Applicable.

Activity Fee Type

All filers

Advice FeeBrokerage FeeBuy Sell SpreadContribution FeeContribution Splitting FeeDishonoured Payment FeeEstablishment FeeFamily LawFinancial AdviceFinancial Hardship ApplicationInsurance FeeLost Member Search FeeNo TFN Tax Recovery FeeNon Intrafund Advice FeeSwitching FeeWithdrawal FeeOtherNot Applicable

Report the activity fee type for the fee or cost.For fees or costs where a fees and costs component activity other than Member Activity has been reported, the activity fee type should be reported as Not Applicable.

Fees And Costs Calculation Frequency Type

All filers

AnnualBiannualQuarterlyMonthlyWeeklyDailyPer ActivityOther

Report the frequency that the fee or cost is calculated.

Fees And Costs Charge Frequency Type

All filers

AnnualBiannualQuarterlyMonthlyWeeklyDailyPer ActivityOther

Report the frequency that the fee or cost is charged.

Tier Type

All filers

FlatMarginalNot Applicable

Where the value of the fee or cost is dependent on a tiering structure, report the tier type, otherwise report Not Applicable.

Tier Arrangement Identifier

All filers

Whole numbers

Where the value of the fee or cost is dependent on a tiering structure, report the tier arrangement, otherwise report 0.

Tier Number Identifier

All filers

Whole numbers

Where the value of the fee or cost is dependent on a tiering structure, report the tier number, otherwise report 0.

Lower Bound Tier Account Balance Amount

All filers

Whole dollars

Where the value of the fee or cost is dependent on a tiering structure, report the tier lower bound, otherwise leave this field blank.If there is no tier lower bound, this field should be left blank.

Upper Bound Tier Account Balance Amount

All filers

Whole dollars

Where the value of the fee or cost is dependent on a tiering structure, report the tier upper bound, otherwise leave this field blank.If there is no tier upper bound, this field should be left blank.

Flat Dollar Amount

All filers

Dollars and cents

Report the flat dollar amount of the fee or cost, where one exists, otherwise leave this field blank.

Charge Minimum Percent

All filers

Percentage to 4 decimal places

Report the minimum charge (%), where one exists, otherwise leave this field blank.

Charge Maximum Percent

All filers

Percentage to 4 decimal places

Report the maximum charge (%), where one exists, otherwise leave this field blank.

Expense Or Benefit Account Balance Percent

All filers

Percentage to 4 decimal places

Report the percentage value (% of balance) of the fee or cost, where one exists, otherwise report 0%.

Expense Or Benefit Transaction Percent

All filers

Percentage to 4 decimal places

Report the percentage value (% of transaction) of the fee or cost, where one exists, otherwise report 0%.

Charge Minimum Amount

All filers

Dollars and cents

Report the minimum charge ($), where one exists, otherwise leave this field blank.

Charge Maximum Amount

All filers

Dollars and cents

Report the maximum charge ($), where one exists, otherwise leave this field blank.

Free Activities Count

All filers

Whole numbers

Report the number of free activities for the fee or cost.For fees or costs where a fees and costs component activity other than Member Activity has been reported, this field should be left blank.

General directions and notesGeneral directions and notes

Get a plain-English read of General directions and notes

Reporting Form SRF 706.0

Fees and Costs Disclosed

Instruction Guide

General directions and notes

Reporting level

Reporting tables

Reporting basis and unit of measurement

Definitions

Table 1: Fees and costs disclosed