Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation applies to the following periodic statements:
(a) for a financial product other than a superannuation product, a managed investment product, a foreign passport fund 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, a managed investment product, a security in a CCIV or a foreign passport fund 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.