Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 (155 of 2013)

Schedule 1   Amendments relating to MySuper

Corporations Regulations 2001

68   Clause 303 of Schedule 10

Repeal the clause, substitute:

303 Matters to be included as additional explanation of fees and costs

Superannuation products

(1) The following information must be included in the periodic statement for a superannuation product under the heading “Additional Explanation of Fees and Costs”, if it has not been included in another part of the periodic statement:

(a) details of any activity fees, advice fees and insurance fees that were incurred by the member during the period;

(b) for a superannuation product that is subject to tax - whether the benefit of any tax deduction has been passed on to the investor in the form of a reduced fee or cost.

Managed investment products

(2) The following information must be included in the periodic statement under the heading “Additional Explanation of Fees and Costs”, if it has not been included in another part of the periodic statement:

(a) details of incidental fees, such as cheque dishonour fees, that were incurred by the product holder during the period;

(b) details of any service fees that may have been incurred by the product holder;

(c) for a managed investment product that is subject to tax - whether the benefit of any tax deduction has been passed on to the investor in the form of a reduced fee or cost.