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.

The Unique identifier column indicates which field or fields form the primary key of the table. Where a field has ‘Y’ in the Unique identifier column, this denotes that this field forms part of the primary key for the table. A blank cell in the Unique identifier column means that the field does not form part of the primary key for the table. Any specific combination of values in the fields that form the primary key of a table must not appear on more than one row in that table when reported.

Reporting basis and unit of measurement

SRF 706.0 captures all fees and costs that are proposed to be charged to a member or would otherwise affect member balances. It includes all standard and customised fee structures, such as fees and costs that would appear in the Product Disclosure Statement (PDS) for the superannuation product, and fees and costs relating to accessible products available on platform pursuant to the PDS for those accessible products.

Unless otherwise instructed, report all items on SRF 706.0 in accordance with the RG 97 version indicated in SRF 605.0.

All fees and costs reported on SRF 706.0 must be reported ‘gross of tax obligations’ where ‘gross of tax obligations’ refers to gross of income tax, GST and stamp duty.

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.

Amounts in SRF 706.0 are to be reported as whole dollars, dollars and cents on a per member basis, or percentages. Percentages should be reported as an unconverted number to four decimal places. For example, 12.3456 per cent is to be reported as 0.123456.

Items on SRF 706.0 must be reported as at the reporting day.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections (SRS 101.0).

Specific instructions

Table 1: Fees and costs disclosed

Report Table 1 as at the end of the reporting day. Where fees and costs vary according to the combination of fees and costs arrangement, superannuation product, investment menu or investment option, indicate this by use of the appropriate identifier in relevant columns, otherwise make use of ‘ALL’ as described above.

All fees and costs data under SRS 706.0 should be reported as the annual fee disclosed or the fee per activity disclosed as at the reporting date. Where a fee or cost is calculated or charged more frequently than annually, the RSE licensee should report the calculation frequency in column 10, and the charge frequency in column 11. The RSE licensee should report the percentage or dollar charge in column 17 or 20 as the fee or cost per annum regardless of the calculation or charge frequency. Where a fee or cost is calculated or charged per activity, the RSE licensee should report the percentage or dollar charge in column 17 or 20 as the fee or cost per activity