Schedule 1 Amendments
(regulation 3)
[1] Paragraph 7.9.20 (1)
(m)
omit
reporting period.
insert
reporting period;
[2] After paragraph 7.9.20 (1)
(m)
insert
(n) for a regulated
superannuation fund — a statement of long-term returns of:
(i) the
investment option in which a member is invested; or
(ii) the
sub-plan, or, if none, the fund in which the member holds an interest;
in accordance with regulation
7.9.20AA.
[3] After regulation 7.9.20
insert
7.9.20AA Specific requirements for certain periodic
statements: superannuation funds (other than self managed superannuation
funds) — long-term returns
(1) For paragraph
7.9.20 (1) (n), this regulation sets out requirements that apply to a
trustee of a regulated superannuation fund (other than a self managed fund).
Requirements from 1 July 2009 until 30
June 2010
(2) The trustee must provide
to each member of the regulated superannuation fund, in or with the periodic
statement for a reporting period that is provided during the period starting on
1 July 2009 and ending at the end of 30 June 2010:
(a) a statement of the
long-term returns of the investment option in which the member is invested at
the end of the reporting period, if the member is invested in an investment
option; or
(b) a statement of the
long-term returns of the sub-plan, or, if none, the fund in which the member holds
an interest at the end of the reporting period.
(3) For paragraph (2) (a),
the long-term returns must be stated as the compound average effective rate of
net earnings of the investment option for the period of 5 years ending at the
end of the last financial year or reporting period before the provision of the
periodic statement.
(4) For paragraph (2) (b),
the long-term returns must be stated as the compound average effective rate of
net earnings of the sub‑plan or fund for the period of 5 years ending at
the end of the last financial year or reporting period before the provision of
the periodic statement.
(5) If:
(a) the trustee
provides the statement of long-term returns on an insert to the periodic
statement; and
(b) the insert includes
the long-term returns of investment options in which the member is not
invested, as well as the long term returns of the investment option in which
the member is invested;
the periodic statement must include a
statement of which investment option the member is invested in.
(6) If the trustee provides
the long-term returns in the periodic statement, the trustee must include in
the periodic statement, near to the statement of long-term returns, a statement
to the effect that the returns are not the returns of the member’s investment
in the investment option, sub-plan or fund.
(7) If the trustee provides
the long-term returns on an insert to the periodic statement, the trustee must
include in the periodic statement, and on the insert near to the statement of
long-term returns, a statement to the effect that the returns are not the
returns of the member’s investment in the investment option, sub-plan or fund.
Requirements from 1 July 2010
(8) The trustee must provide
the following, in the periodic statement for a reporting period that is
provided from 1 July 2010, to each member of the regulated superannuation fund:
(a) if the member is
invested in an investment option at the end of the reporting period — a
statement of the long-term returns of the investment option;
(b) if the member is
not invested in an investment option at the end of the reporting period —
a statement of the long term returns of the sub-plan, or, if none, the fund in
which the member holds an interest at the end of the reporting period.
(9) For paragraph (8) (a), the
long-term returns must be stated as:
(a) the compound
average effective rate of net earnings of the investment option for the period
of 5 years ending at the end of the last financial year or reporting period
before the provision of the periodic statement; and
(b) the compound
average effective rate of net earnings of the investment option for the period
of 10 years ending at the end of that financial year or reporting period.
(10) For paragraph (8) (b), the
long-term returns must be stated as:
(a) the compound
average effective rate of net earnings of the sub-plan or fund for the period
of 5 years ending at the end of the last financial year or reporting period
before the provision of the periodic statement; and
(b) the compound
average effective rate of net earnings of the sub-plan or fund for the period
of 10 years ending at the end of that financial year or reporting period.
(11) The trustee must include in
the periodic statement, near to the statement of long-term returns, a statement
to the effect that the returns are not the returns of the member’s investment
in the investment option, sub-plan or fund.
General requirements
(12) For subregulations (3),
(4), (9) and (10), if the investment option, sub-plan or fund has been in
operation for less than the 5-year or 10-year period to be reported on, the trustee
must provide:
(a) the long-term
return for the period in which the investment option, sub-plan or fund has been
in operation; and
(b) the date on which
the investment option, sub-plan or fund came into operation.
(13) If the long-term returns are
provided in the periodic statement, they must be positioned near to the statement
of the rate of any allotment of earnings during the reporting period.
(14) The long-term returns must
be presented in a clear, concise and effective manner.
[4] Paragraph 7.9.37 (1)
(j), including the note
omit
[5] Subregulation 7.9.37 (4)
omit
[6] After regulation 7.9.75B
insert
7.9.75BA Fund information made available on a website
(1) For paragraph 1017DA (1) (a)
of the Act, the trustee of a regulated superannuation fund (other than a self
managed superannuation fund) may provide fund information for the fund, mentioned
in Subdivision 5.6 of this Part, to a holder by making it available on a
website that is maintained by or on behalf of the trustee.
(2) The trustee must ensure
that the fund information is readily accessible from the website.
(3) For the first financial year
or reporting period in which the trustee makes the fund information available on
the website under this regulation, the trustee must:
(a) notify each holder
that the fund information is available on the website; and
(b) explain how to
access the website; and
(c) notify the holder that
the holder may elect to have a hard copy, or electronic copy if it is
available, of the fund information sent to him or her free of charge.
(4) The information in subregulation
(3) must be provided to the holder in one document.
(5) If a holder elects to have
a hard copy or electronic copy of the fund information sent to him or her, the
trustee must, for each subsequent financial year or reporting period, send the fund
information for the financial year or reporting period to the holder, in that
form, until the holder notifies the trustee that a hard copy is no longer
required.
(6) If a holder does not elect
to have a hard copy or electronic copy sent to him or her, the trustee must comply
with paragraphs (3) (a) and (b) each year.
(7) The notification mentioned
in subregulations (3) and (6) may be included in other information or materials
sent to the holder.