Commonwealth Consolidated Regulations

[Index] [Table] [Search] [Search this Regulation] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

CORPORATIONS REGULATIONS 2001 - REG 7.9.60B

Disclosure of transactions in periodic statements

             (1)  This regulation applies to the following periodic statements:

                     (a)  for a financial product other than a superannuation product, a managed investment product or an investment life insurance product--a periodic statement in relation to a reporting period commencing on or after 1 July 2005;

                     (b)  for a superannuation product:

                              (i)  if the periodic statement is not an exit statement--a periodic statement in relation to a reporting period commencing on or after 1 July 2005; and

                             (ii)  if the periodic statement is an exit statement--a periodic statement issued on or after 1 July 2006;

                     (c)  for a managed investment product:

                              (i)  if the periodic statement is not an exit statement--a periodic statement in relation to a reporting period commencing on or after 1 July 2006; and

                             (ii)  if the periodic statement is an exit statement--a periodic statement issued on or after 1 July 2007;

                     (d)  for an investment life insurance product:

                              (i)  if the periodic statement is not an exit statement--a periodic statement in relation to a reporting period commencing on or after 1 July 2005; and

                             (ii)  if the periodic statement is an exit statement--a periodic statement issued on or after 1 July 2006.

             (2)  For paragraph 1017D(5)(c) of the Act, the periodic statement must include a brief description of each transaction in relation to the product during the reporting period.

             (3)  The amount of a transaction must include, if applicable:

                     (a)  GST; and

                     (b)  stamp duty; and

                     (c)  income tax, after deductions have been taken into account.

             (4)  The description of a contribution paid into a superannuation account must be sufficient to identify the source of the contribution, if that information has been recorded by the fund.

             (5)  A transaction (other than a contribution) of the same kind as another transaction may be described with the other transaction in a single item in the periodic statement if:

                     (a)  it is practicable to do so; and

                     (b)  the items are described together on a consistent basis in the periodic statement.

Example:    If a member incurs a weekly management cost, the transactions may be grouped consistently on a monthly basis in the member's periodic statement.

             (6)  For a superannuation product or a managed investment product, the only fees and costs that need to be itemised in a periodic statement are the fees and costs shown in the fees and costs template for a Product Disclosure Statement in Part 2 of Schedule 10.

             (7)  The fees and costs mentioned in subsection (6) must be described using the terms used in the template.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback