Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) In this Part:
"amount" includes a nil amount.
"annuity" has the same meaning as in regulation 1.05 of the SIS Regulations.
"contact details" , in relation to a superannuation entity, means:
(a) the name of the superannuation entity and, if relevant, of the sub - plan; and
(b) a contact address for the superannuation entity; and
(c) a contact person and telephone number for the contact person.
"contact person" , in relation to a superannuation entity, means a named individual, or a person holding a designated office or position, who is available to receive and deal with inquiries or complaints by product holders (as the case may be).
"contribution" includes a benefit that is rolled over or transferred to a fund.
"exit charge" means a charge that:
(a) is made against:
(i) a product holder's benefits in a fund or financial product; or
(ii) a product holder or another person on the product holder's behalf; and
(b) is only made when a payment is:
(i) made in respect of a product holder; or
(ii) transferred.
"fund information" , in relation to a superannuation product or an RSA, means information required to be given under Subdivision 5.5.
"fund reporting period" means a reporting period for fund information.
"Government co-contribution" means a Government co - contribution payable under the Superannuation (Government Co - contribution for Low Income Earners) Act 2003 .
"legal personal representative" has the meaning given by section 10 of the SIS Act.
"lost member" has the meaning given by the SIS regulations.
"lost RSA holder" has the meaning given by the RSA regulations.
"net amount of Government co-contribution received" means all amounts of Government co - contributions credited to the member of a superannuation fund (other than a self managed superannuation fund) or an RSA holder, less any amounts deducted by the superannuation provider or providers to reimburse it or them for repaying a co - contribution amount to the Commissioner of Taxation, during the reporting period.
"net earnings" means the investment return on the assets of a fund after payment of transaction costs, government charges, taxes and duties and charges relating to the management of investment of fund assets.
"prescribed net earnings rate" , in relation to a fixed - rate option offered by a capital guaranteed fund for a period, means the net earnings rate declared, in advance, by the fund.
"remuneration" , for an Australian financial services licensee or an authorised representative, means a payment that:
(a) is made to the Australian financial services licensee or authorised representative because a superannuation interest is issued to a member; and
(b) is not made under an agreement by which the member, or another person on the member's behalf, has retained the Australian financial services licensee or authorised representative on a fee - for - service basis.
Note: Also see subregulation (5).
"sub-fund" , in relation to a capital guaranteed fund, means a segment of a public offer superannuation fund that has the following characteristics:
(a) the sub - fund has separately identifiable assets and separately identifiable beneficiaries;
(b) the interest of each beneficiary of the sub - fund is determined by reference only to the conditions governing that sub - fund;
(c) there is no transfer of assets, benefits or money between the sub - fund and another sub - fund without a transfer of a corresponding beneficial interest;
(d) the insurance and administration costs of the sub - fund are attributable only to that sub - fund.
"transaction cost" means:
(a) brokerage paid because of an investment transaction; or
(b) a cost arising from maintenance of a property investment; or
(c) stamp duty on an investment transaction.
"unfunded defined benefits fund" means a defined benefits fund under which all or some of the amounts that will be required for the payment of a benefit are not paid into the fund until the member concerned becomes entitled to receive the benefit.
"withdrawal benefit" has the same meaning as in the SIS Regulations.
(2) In this Part, unless the contrary intention appears, a reference to a member is taken to mean:
(a) in relation to a superannuation entity--a person who:
(i) is a member of the entity; or
(ii) receives a pension from the entity; or
(iii) has deferred his or her entitlement to receive a benefit from the entity; and
(b) in relation to an approved deposit fund--a depositor in the fund; and
(c) in relation to a pooled superannuation trust--a unit - holder.
(3) In a Division of this Part, a reference to a fund is a reference to a fund of the kind to which the Division applies.
(5) For the definition of remuneration , payment is taken to have been given to an Australian financial services licensee or an authorised representative for issuing an interest to a member if:
(a) issuing the interest is taken into account to increase the payment given to the Australian financial services licensee or authorised representative for other matters (for example, bonus commission); or
(b) the payment is given after the interest is issued and only if the member remains a member of the fund (for example, trailing commission).