Corporations Regulations 2001

This regulation applies to the following periodic statements:

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;

for a superannuation product:

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

if the periodic statement is an exit statement—a periodic statement issued on or after 1 July 2006;

for a managed investment product:

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

if the periodic statement is an exit statement—a periodic statement issued on or after 1 July 2007;

for an investment life insurance product:

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

if the periodic statement is an exit statement—a periodic statement issued on or after 1 July 2006.

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.

The amount of a transaction must include, if applicable:

GST; and

stamp duty; and

income tax, after deductions have been taken into account.

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.

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:

it is practicable to do so; and

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

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

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.

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