Superannuation Industry (Supervision) Amendment (Your Future, Your Super - Addressing Underperformance in Superannuation) Regulations 2023 (F2023L01063)

Schedule 1   Main amendments

Superannuation Industry (Supervision) Regulations 1994

64   At the end of regulation 9AB.24

Add:

(4) For the purposes of subregulation (1), work out the applicable transaction costs as follows:

(a) first, work out the product of the following:

(i) an account balance in respect of the Part 6A product;

(ii) the Part 6A product's transaction costs percentage in relation to the relevant year;

(b) work out the sum of the following:

(i) the result of paragraph (a);

(ii) the Part 6A product's transaction costs flat amount in relation to the relevant year;

(c) if the Part 6A product does not have a transaction costs cap in relation to the relevant year, the applicable transaction costs is the result of paragraph (b);

(d) if the Part 6A product has a transaction costs cap in relation to the relevant year, the applicable transaction costs is the lesser of the following:

(i) the result of paragraph (b);

(ii) that transaction costs cap.