Treasury Laws Amendment (Protecting Your Superannuation Package) Regulations 2019 (F2019L00539)

Schedule 1   Amendments

Part 1   Amendments

Superannuation Industry (Supervision) Regulations 1994

31   At the end of Part 9AA

Add:

9.50 Capped fees and costs

(1) This regulation is made for the purposes of paragraph 99G(3)(c) of the Act.

(2) The amount prescribed as part of the capped fees and costs charged to a member of a regulated superannuation fund in relation to a MySuper product or choice product for a year of income of the fund is so much of the indirect cost of the MySuper product or the choice product for the year that is required to be reported to the member under section 1017D of the Corporations Act 2001 as:

(a) is not charged to the member as a fee; and

(b) is incurred by the trustee or the trustees of the fund in relation to the year; and

(c) relates to the administration of the fund or investment of the assets of the fund.

9.51 Fee cap percentage

For the purposes of subsection 99G(4) of the Act, the fee cap percentage is 3%.

Note: The fee cap percentage prescribed in this regulation would also apply in relation to subsections 99G(2) and (5) of the Act as those subsections are affected by item 20 of Schedule 1 to the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019.