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  • How super worksCompulsory superannuation has been around since 1992, but there is still a lot of confusion about its purpose and how it works. Our Super for beginners guide is designed to answer all the basic questions you have about superannuation. We also cover super’s rules for contributions, detail how they are taxed and when and how you can withdraw your retirement savings. Visit the sections below to learn the fundamentals about superannuation: Super for beginners Super rules Super contributions Super and tax Accessing super Super tips and strategies Super news Women and super How-to Super Guides Super quizzes Superannuation Q&As Superannuation glossary As a first step, the following are key articles that describe how super works.
    • Super rulesThis section will help you understand the fundamentals about superannuation, whether you are a complete beginner or need a refresher. You’ll find details of the rules that apply for your age group, the special tax concessions that make super attractive, and the essentials on how the super system works.
    • Contributing to superMaking super contributions is one of the simplest ways to improve your final retirement balance and reduce your tax bill. Annual contribution caps (limits) put a lid on the amount you can contribute each financial year, but can be flexible if you’re able to use the carry forward or bring forward rules. Find out all you need to know to make the most of your contributions without falling foul of the rules here.
    • Accessing superThere are multiple ways that you can legally access your superannuation. These are known as conditions of release. People most commonly think of accessing super at retirement, but there are times some or all of your super balance may be withdrawn early, such as if you develop a terminal illness or are suffering severe financial hardship. You might also choose to release some of your voluntary savings to help with the purchase of your first home.
    • Super tips and strategiesWhen it comes to making the most of your super, knowing the rules is only part of the picture. Making savvy use of those rules with the right strategies can take you to the next level. These strategies, tips, and case studies can empower you to make the right decisions and wring out the full benefit of the super system.
    • Super newsSuperannuation has become a regular part of the news coverage in recent years. This can be beneficial in that it can raise general awareness about super and remind many Australians that they should check in on their own super, and not forget to properly plan for their retirement. Often though news about super can be negative, when there are significant changes to the rules that forces people to learn the new rules and assess the implications for their existing retirement plans. A lot of angst and uncertainty can also be created when changes are only mooted – for example at election or budget time. Whatever the big issues are about super, SuperGuide will always cover them from an independent perspective, telling it like it is and never representing any particular political party or industry organisation. SuperGuide has only ever represented the best interests of everyday Australians to help you better plan for your retirement.
    • Special topicsThis section covers:  the employer’s guide to super – how to calculate and make contributions, deadlines and other obligations, tax deductions, choosing a super fund for employees, record-keeping, penalties, and checklists  gender and relationship issues – including the issues women face with super due to lower average incomes, time out of the workforce, and living longer, as well as super and divorce and rules for same-sex couples super rules and opportunities if you are self-employed
  • Super fundsFor most Australians super is likely to be their biggest investment outside the family home, so it is not something you can afford to set and forget. If you would like to know more about your super fund and how it rates against the best on offer, but don’t know where to start, we have put together a series of articles to help you do just that. We also have articles on choosing a fund or investment option, fees, insurance, investments and investing concepts to help you make the most of your super. Visit the sections below for more information on super funds: Best performing super funds Super fund rankings Best performing pension funds Pension fund rankings Super fund average returns Comparing super funds Choosing a super fund Choosing an investment option Insurance and super Super fund fees Super investing strategies Super fund profiles As a first step, the following are key articles that explore how super funds work.
    • Choosing a super fundIf you’re an employee, you’re eligible to choose the super fund that your employer pays your super guarantee (SG) into, provided you’re in one of the three categories below. You’re employed under a federal award. You’re employed under another award or workplace agreement that doesn’t require superannuation support. You’re not employed under an award or industrial agreement. This includes contractors who are primarily paid for their labour. Learn more about whether you can choose your super fund. If you are eligible to choose your super fund, there are five potential options (though not every option is available to everyone). Retail funds – These are funds run by financial institutions. They’re generally open to anyone. Industry funds – These funds are generally designed for people who work in a particular industry, but some industry funds will allow anyone to join. Public sector funds – These funds are generally only open to government employees. Corporate funds – These funds are usually only available to employees working for a specific employer. Self-managed super funds (SMSFs) – These are funds where you have more responsibility in terms of administration, compliance and investment decisions. There is a wide variety of super funds available in the…
    • Super investing strategiesIn this section you can learn more about the investing side of superannuation. This includes learning the fundamentals about how investing works within super, understanding your risk profile and the investment options available to you, and perhaps considering other investment values that are important to you. We also cover several topics that are specific to those in retirement, and those with SMSFs. Be sure to also check out our SMSF investment section. Learn more about key super investment strategies in the following SuperGuide articles:
    • Best performing super fundsBeing in a consistently high performing super fund is one of the key factors in growing your super balance over time. Members of consistently poor performers are at risk of having substantially lower super balances at retirement. The Productivity Commission review of superannuation produced an example of a 21-year-old on a $50,000 starting salary. If they joined a super fund that is consistently in the top quarter of funds rated by performance, they could expect to retire at 67 with a super balance of $1.1 million. If instead they joined one of the super funds that is consistently in the bottom quarter of funds, they would retire with $610,000 – 45% ($502,000) less. Returns are not the only measure of a good fund – fees, insurance offerings, member services and investment choice are also important. However, if your fund has a long track record of underperformance it could be time to switch to a product with a history of superior returns. When super performance tables are published in the media, generally only they only compare super investment options in a single risk category – ‘balanced’ or ‘growth’ – which generally means they have 60-80% invested in growth assets. SuperGuide publishes…
    • Best performing pension fundsAccording to the 10/30/60 Rule, 60% of your retirement income comes from the investment returns you achieve during your retirement. While this rule originated from a US study, the principle holds broadly true for Australian retirees and underlines how important it is to continue to earn a good investment return in your retirement years. During their working years, most Australians pick a balanced or growth super fund, with between 60% and 80% of their money invested in growth assets such as shares and property. However, as people near or reach retirement, capital preservation becomes an important consideration. At this age and stage of life it is generally advised to reduce the percentage of growth assets in your investment portfolio to reduce risk. This is to limit what is called sequencing risk, or the risk of a bad year early in retirement adversely impacting the total amount of income available to you over the course of your retirement. This is also the logic behind lifecycle super funds, which automatically reduce the percentage of growth assets in your account as you age. For example, lifecycle funds for people who were born in the 1990s on average have 88% of the money invested in growth…
    • Super fund profiles
  • SMSFsAs if superannuation wasn’t complex enough, when you have a self-managed superannuation fund (SMSF) you take on considerably more responsibility, and it’s essential therefore to have a comprehensive understanding of the current super and SMSF rules. In this section you will find detailed explanations of the SMSF rules and the responsibilities for SMSF trustees. SMSFs for beginners SMSF administration SMSF checklists SMSF compliance SMSF investment SMSF pensions SMSF strategies SMSF Q & As As a first step, the following are key articles that describe how SMSFs work.
    • SMSF for beginnersIn this section you will gain an understanding of the basics of self-managed superannuation funds (SMSFs). We’ll take you through the key responsibilities in being a SMSF trustee, help you to evaluate if a SMSF is right for you, and give you an idea of how much it might cost to run a SMSF. You can also test your understanding of SMSF basics with our quiz.
    • SMSF admin and complianceAll Self-Managed Superannuation Funds (SMSFs) must have a trust deed, a document which sets out the governing rules of that particular SMSF. Trust deeds can vary from document to document, and can also be amended over time, so it is vital that you understand and abide by the rules governing your SMSF. In addition to the trust deed, SMSFs are subject to the provision of the Superannuation Industry (Supervision) Act 1993, which imposes legal obligations on how SMSFs must be operated. These laws and regulations may, in certain circumstances, take precedence over your trust deed, so a sound understanding of the rules is a prerequisite for any SMSF trustee. In this section you’ll learn how to comply with obligations such as: residency requirements, developing an investment strategy and ensuring that all investment decisions are consistent with it, considering member insurance needs, only accepting contributions from fund members, making super benefit payments only to members who have met a condition of release, monitoring total super balance and transfer caps, administration, reporting and record-keeping requirements, appointing a registered auditor, and lodging the fund’s annual return to the Australian Taxation Office (ATO) and paying tax, to name but a few compliance and administrative…
    • SMSF investingPeople who run their own self-managed super fund (SMSF) often do so because of the control it gives them over their investments and investment strategy. With that control comes lot of responsibility. You need to understand the nature of the investments on offer, and how they fit into your overall investment strategy. It can also be instructive to see what other SMSFs are investing in. Then there is the legal requirement for SMSFs to have a documented investment strategy. This should satisfy the sole purpose test and be used to guide trustee decision-making. See also superannuation investment strategies and our section on risk.
    • SMSF pensionsSelf-managed superannuation funds (SMSFs) can pay whatever benefits are allowable by their governing rules (trust deed). Most typically, this allows SMSFs to pay benefits as either lump sums or pensions. In addition to the different types of payments that a SMSF can make, in this section you will learn about the process of starting a pension, transitioning from the accumulation phase into the pension phase, and all the steps that are required as a SMSF trustee to commence a pension. You will learn all about the importance of exempt current pension income (ECPI) and how to ensure that you maximise this valuable benefit. You may also need to be aware of the transfer balance cap, and how to navigate these complex rules. For those who have reached preservation age and would like to commence a pension while still retaining a connection to the workforce, a Transition-to-retirement (TTR) pension might be worth considering.
    • SMSF estate planningSelf-managed superannuation funds (SMSFs) allow for a high level of flexibility in the management of a person’s superannuation benefits upon passing. Careful planning can allow your SMSF benefits (which are not automatically estate assets) to be passed onto those dependants who you wish to benefit, in the most efficient and tax effective way possible. In this section you will learn the key concepts behind robust estate planning for SMSF trustees, and how to take advantage of the greater control accorded to SMSFs in passing on wealth from an SMSF.
    • SMSF strategiesIn this section you can learn about tips and strategies you can consider for your SMSF, including multigenerational SMSFs, how to make decisions at different life stages and what are your options when you would like to wind up your SMSF. Also covered are investing strategies such as assessing passive vs active strategies, rebalancing and which assets are popular with SMSFs.
    • SMSF checklistsIn this section you will find a series of handy checklists to help make running your Self-managed superannuation fund (SMSF) a breeze. Our checklists will help you write or review the fund’s investment strategy, start a pension or just make sure you have all the important calendar dates you need to stay on top of things. You may also benefit from our how-to guides and our step-by-step guides.
    • SMSF Q&AsSuperGuide covers all aspects of SMSFs and also provides answers to common SMSF Q&As. SuperGuide Premium members can also submit questions through our Support section. Please note that we can only provide general information, and cannot provide any advice about your personal situation. See also our Superannuation Q&As section.
  • Retirement planningPlanning for retirement can seem daunting but putting it off can cost you a personally fulfilling, financially secure retirement. Superguide’s range of retirement planning resources helps you to understand the key issues and provide you with valuable guidance on strategies that can improve your retirement income, including case studies. It’s never too early to start preparing for a stage of your life that could last more than three decades – a long time to regret missed opportunities. You may like to begin using the seven easy steps in how to plan for your retirement which include imagining what your dream retirement looks like and thinking about how long it may last, what it will cost, whether your savings are on track, and what you can do to close the gap. And if you need a little help tailoring strategies to your circumstances, take a look at our guide to seeking financial advice.
    • Getting startedIn this section you can learn about the fundamentals of planning for your retirement. Whether you are an absolute beginner or want to refresh your understanding of the key concepts, you can discover articles that will help you understand better how to plan for retirement and what you need to consider.
    • Key issues to considerWhen you’re planning your retirement there are many variables that need to be considered to ensure your foundations are solid. This section will walk you through the important aspects, including: What retirement could cost How long you might live for The importance of where you will live, and How inflation could affect your retirement income
    • Retirement planning strategiesIn this section you can learn about the most critical retirement strategies you should consider when planning your retirement. There are tips and strategies to suit a range of age groups, whether you have many years left to save or need to get ready to retire in a hurry, including approaches that can help make your savings last the distance. You’ll also find planning ideas if you’re thinking of retiring overseas or own a business.
    • Case studiesHere you can find worked examples of retirement plans for a range of circumstances. These will help you see how different strategies can apply in the real world. There are also reflections from current retirees who share their lived experience and what they might have done differently.
    • CalculatorsIn this section you can discover some of the calculators and reckoners that SuperGuide have developed to make superannuation and retirement planning easier to understand. We also show you how to use some of the other retirement calculators available, review how reliable they are, and give you tips on how to choose one the right one for you. See also SuperGuide’s Investment Performance Reckoners.
    • Seeking financial adviceAustralians are generally reluctant to seek professional financial advice, despite the financial landscape (including the retirement system) becoming increasingly complex. The right financial advice can help you to get the most out of your superannuation. Advice doesn’t have to be expensive, particularly if you have simple needs. Your super fund may even be able to offer you the help you require. It’s important to know whether any financial advice you receive is independent or not. Advisers are legally required to provide you with a financial services guide that will let you know this information. Independent financial advice can be broadly defined as advice that is impartial or unbiased. It is provided without any potential for a conflict of interest. The resources here explain the value of advice, how to access it, and what to avoid.
    • Preparing for retirementIt’s nearly time! After years of saving and (hopefully) planning, retirement is just around the corner. Here you can find strategies that could help you to give your super a last-minute boost and insight into the risks that could throw your plans off the rails – and what to do about them.
  • In retirementRetirement is meant to be a reward for hard work, a time to kick back and do a bit of what you fancy. It’s all that, but it is also a time when many decisions and choices need to be made. SuperGuide’s retirement articles cover everything from taking your super as a lump sum or an income stream (also called a super pension) to what happens to your super when you die. We even have a handy calculator to help you estimate how long you can expect to live. Along the way, we also examine working in retirement, a guide to the Age Pension eligibility and payment rates and eligibility for concession cards for seniors and pensioners. And if the very thought of all these decisions makes your head spin, we have a guide to seeking independent financial advice. Set out below are the key topics in retirement: Super lump sums Super pensions Age Pension Working in retirement Life in retirement Seniors concessions and services Aged care Estate planning Super death benefits As a first step, the following are key articles that tackle the big issues in retirement.
    • Income from superConverting your superannuation to a pension is an option if you have reached your preservation age and met a condition of release. Your preservation age is between 55 and 60, depending on your date of birth. Standard conditions of release for super pension withdrawals are: retirement, beginning a transition-to-retirement income stream, ceasing an employment arrangement after the age of 60, even if you get a job with a new employer, turning 65 years of age, becoming permanently incapacitated, being diagnosed with a terminal medical condition. Your dependants can also be entitled to access your super as a pension when you die if you have arranged for this to happen, though there are likely to be tax implications. There are six main types of super pension: Account-based pension: This is the most common type of pension. The pension is paid from a super account held in your name. Annuities: Annuity payments are purchased with a lump sum and enable fixed payments for the remainder of your life or for a defined period. The value of account-based pensions on the other hand can rise or fall depending on the market value of the underlying investments supporting them. Transition-to-retirement pension (TTR or TRIS):…
    • Age PensionThe Age Pension eligibility age in Australia is currently 66 years and 6 months, increasing to 67 from 1 July 2023. In addition to the age requirement, your eligibility for the Age Pension depends on you: Being able to satisfy the Age Pension assets test, Being able to satisfy the Age Pension income test, and Meeting Australian residency requirements. You will be eligible to receive either a full or part Age Pension provided your assets or income don’t exceed the thresholds of the respective tests, and you also satisfy both the age and Australian residency requirements. It’s important to understand that your super may be included in both your asset and income tests, and can therefore affect your potential Age Pension eligibility. It’s possible to earn up to earn up to $300 per fortnight from paid employment without this amount being included in your Age Pension income test. This is known as the work bonus. Age Pension rates for singles and couples (married or de facto) are adjusted very six months based on changes in the Consumer Price Index (CPI), Male Total Average Weekly Earnings, and the Pensioner and Beneficiary Living Cost Index. See also our seniors concessions and services…
    • Work and other incomeRetirement is a condition of release to access your super once you have reached your preservation age. Your preservation age is between 55 and 60, depending on your date of birth. Once you have made a written declaration to your super fund that you are officially retired, the contributions you can make into your super account are much more limited and depend on your age. However, it’s possible to return to work even if retirement was your condition of release. If you’re aged under 60, you can return to work provided you can prove that your intention to retire was genuine when you made it. For example, your personal circumstances may have changed since you retired. You may need to provide proof of these changed circumstances to the ATO or your super fund. However you won’t be able to access any further super benefits that you accumulate from that point in time until you meet another condition of release. You can still access what you had accumulated up to that date. A transition-to-retirement pension is also an option you can consider once you have reached preservation age. If you’re aged between 60 and 64 and retirement was your condition of…
    • Seniors concessions and servicesWhen you retire there is bound to be a tighter focus on living within your means, even if you are comfortably well off. With bills to pay and increasing health care costs for many retirees, any discounts or rebates are always welcome. And with cheap travel and bargains on products and services on offer, what’s not to love? The good news is you don’t necessarily need to be on the Age Pension to qualify for some handy concessions. You may not even have to be fully retired.
    • Life in retirementAdvice about retirement planning is often reduced to financial targets and your superannuation account balance. And that’s a pity. While a degree of financial security is necessary to live well in retirement, it’s not sufficient. Retirees and experts alike point to the importance of your health, relationships, social connection and the pursuit of new skills and interests for a sense of wellbeing in retirement.
    • Estate planningOne of the rules of successful investing is to plan your exit well ahead of time to protect your profits. The same can be said about planning your finances for your final exit, otherwise known as estate planning. Estate planning covers how your financial assets should be distributed after your death. Because your super is not covered by your Will, careful consideration needs to be given to the nomination of beneficiaries, the tax implications, and the financial wellbeing of your spouse and other dependents after your death. Increasingly, an estate plan also details how you should be looked after later in life if you are then unable to make your own decisions.
    • Aged carePerhaps it’s because we would rather not think about it, but one of the most overlooked aspects of retirement planning is aged care. Not just the costs, although these can be significant, but decisions around where and how we want to spend our final years. Aged care encompasses home support, home care and residential care. While it’s impossible to know exactly what our care needs will be in future, it’s important to understand your options and potential costs and make your wishes known to your family. As decisions about aged care often need to be made quickly after an accident or illness, a bit of advance planning will make the process easier for all concerned.
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APRA Disclaimer, Important notice, Explanatory notes and Glossary

Disclaimer

While APRA endeavours to ensure the quality of this publication, APRA does not accept any responsibility for the accuracy, completeness or currency of the material included in this publication, and will not be liable for any loss or damage arising out of any use of, or reliance on, this publication.

Important notice

The Annual Fund-level Superannuation Statistics report contains detailed profile and structure, financial performance and financial position, conditions of release, fees and membership information for APRA-regulated superannuation funds with more than four members and eligible rollover funds, as well as profile and structure information for the trustees of these superannuation funds.

Information on rate of return (ROR)

The Annual Fund-level superannuation statistics contains one, five and ten year RORs. ROR is calculated as net earnings after tax over cash flow adjusted net assets. Five and ten year RORs are calculated as the geometric average of the one year RORs for the most recent five and ten year periods. The one year RORs for all periods are available in Table 3 of the back series version of the Annual Fund-level Superannuation Statistics. For example, the five year annualised rate of return is calculated as:

Further information on the calculation of ROR can be found in the Explanatory notes below.

The rate of return (ROR) represents the net earnings on superannuation assets and measures the combined earnings of a superannuation fund’s assets across all its products and investment options. Many trustees provide individual members with the choice of a wide range of investment options and superannuation products, with different investment goals. APRA’s statistics are not designed to provide individual members with information to compare the investment options offered. The Australian Securities and Investments Commission’s MoneySmart website (www.moneysmart.gov.au) provides guidance on how to compare superannuation investment options and links to other sources of information for this purpose. Further, different funds have significantly different proportions of members that use the investment options that are made available by trustees. This can materially affect the overall ROR on superannuation assets for a fund and limits the comparability of the ROR between funds.

Fund year-ends

Most superannuation funds have a year-end of 30 June, however, there are a number of superannuation funds with year-ends other than 30 June. The applicable year-end is noted in the column headed ‘RSE balance date’. Comparisons of returns between superannuation funds with different year-ends should not be made as funds may have experienced different investment market conditions over their respective years of income. Further, in some instances such as when an RSE’s balance date changed during the reference period, the report does not contain 12 months of performance information. The column headed ‘Duration’ indicates the number of months of performance information included in the report. Comparisons of performance between funds with differing durations should not be made.

Explanatory notes

Changes in reporting framework

APRA released a new reporting framework in June 2013. For most RSEs, the first annual forms applied from the year ending 30 June 2014, however detailed membership information was collected for the first time for 2015. Table 3 Fund-level financial performance in the back series version therefore contains information collected under two reporting frameworks. From 2004 to 2013, data was collected under the previous reporting framework, and from 2014 onwards data was collected under the revised reporting framework.

Source of data

Data in the Annual Fund-level Superannuation Statistics report have been sourced from the following superannuation reporting forms submitted to APRA under the Financial Sector (Collection of Data) Act 2001 by RSE licensees:

  • SRF 001.0 Profile and Structure (Baseline)
  • SRF 200.0 Statement of Financial Performance (prior to 1 July 2013)
  • SRF 210.0 Statement of Financial Position (prior to 1 July 2013)
  • SRF 320.0 Statement of Financial Position (1 July 2013 onward)
  • SRF 330.0 Statement of Financial Performance (1 July 2013 onward)
  • SRF 410.0 Accrued Default Amounts
  • SRF 530.0 Investments (1 July 2014 onward)
  • SRF 530.1 Investments (1 July 2013 to 30 June 2014)
  • SRF 540.0 Fees • SRF 600.0 Profile and Structure (RSE Licensee)
  • SRF 601.0 Profile and Structure (RSE)
  • SRF 610.0 Membership Profile (1 July 2014 onward)
  • SRF 610.1 Changes in Membership Profile (1 July 2014 onward)
  • SRF 710.0 Conditions of Release

The reporting forms, and associated reporting instructions, are available on the APRA website. RSE licensees, RSE names and ABNs used in the report are consistent with the register of RSE licensees and RSEs on APRA’s website and are current at the time of publishing.

Background

On 28 May 2015, APRA released a discussion paper on proposed changes to its annual superannuation statistics and confidentiality of superannuation data. This consultation followed the implementation of revised reporting requirements, which commenced progressively from 1 July 2013, and replaced reporting requirements that had been in place since 2004.

In February 2016, APRA released a response to submissions on the proposed changes to its annual superannuation statistics, as well as the first editions of the revised annual superannuation publications including the Annual Fund-level Superannuation Statistics.

Population

Superannuation funds included in this report represent the vast majority of superannuation assets regulated by APRA. It contains data for all APRA-regulated superannuation funds with more than four members. Pooled superannuation trusts (PSTs) have been excluded from the publication publications as their assets are captured in other superannuation funds.

Exempt public sector superannuation schemes (EPSSS) have also been excluded. Superannuation funds that wound up during their year of income in a given reference period are not included in that year or subsequent years. Superannuation funds that wound up after the reporting period but before the release of the publication are included for that reporting period, and their wind-up date is noted in the report. Superannuation funds that did not submit an annual return for a given reporting period are not included in that year.

Data items not published

To protect the privacy of individual members, APRA has masked certain items in the publication. Where data have been masked to maintain member privacy this is highlighted with an ‘ * ‘. Items which are blank indicate that either nothing was reported for the relevant period or that the data cannot be calculated.

Information on fund type

The Annual Fund-level Superannuation Statistics report includes fund type information for each superannuation fund. Details are available in the paper Segmentation of superannuation entities here.

RSE licensee and RSE balance dates

Trustee-level profile and structure information in Table 1 is presented for the year end of the RSE licensee, which is noted in the column headed ‘RSE licensee balance date’. The remainder of the report contains fund-level information presented for the year end of the fund, which is noted in the column headed ‘RSE balance date’. If an RSE’s balance date changes during the reference period, the RSE may submit two annual returns (one standard return and one short return) or may submit one long annual return (greater than 12 months duration). Should the RSE submit two annual returns, the current edition includes only the latest annual return, and the back series edition includes both annual returns as separate rows in the report. The column headed ‘RSE balance date’ indicates the year end of each annual return and the column headed ‘Duration’ indicates the number of months of performance information included in the annual return.

One year rate of return (ROR)

ROR is calculated as net earnings after tax over cash flow adjusted net assets. ROR is only calculated for funds where the data covers a complete 12 months and net assets are non-negligible. The ROR definition assumes that net flows over the year are uniformly distributed. There may be certain occasions when this is not an appropriate assumption. For example, where two funds have merged during the year and there is a large rollover of assets, the timing of this flow may reduce the accuracy of the ROR in measuring performance. In instances where a fund has unusually large rollovers, further information is sought and an adjustment made to net flows to remove the distortion caused by this cash flow. Net flows was not adjusted for any funds in the 2017 Annual Fund-level Superannuation Statistics report. There may also be limited circumstances where constrained whole-of-fund performance may be expected from a trustee due to the particular circumstances of the superannuation fund. For example, where a superannuation fund is winding up and expects sustained net outflows of funds and members, the trustee may implement an investment strategy with a higher weighting to more stable and liquid assets which will generally earn a lower rate of return. Additionally there are some superannuation funds with very large negative rates of return, these are caused by the structure of the funds as they only operate for insurance purposes.

Five and ten year ROR

Five and ten year RORs are calculated as the geometric average of the one year RORs for the most recent five and ten year periods. The one year RORs are available in Table 3 of the back series version of the Annual Fund-level Superannuation Statistics. For example, the five year annualised rate of return is calculated as:

where t equals the current year-end.

Five and ten year RORs are blank when an insufficient number of years of performance information are available, or when the return is unable to be published as a meaningful statistic. If an entity’s balance date changes during the five or ten year period and the rate of return is for a non-standard length, then the period of the return is footnoted.

Information on fees, expenses and taxes

Information on fees, expenses and taxes included in this publication should be used for indicative purposes only. Information may reflect inconsistencies in reporting that should be considered when using the data provided. Expenses are generally understated within this publication for the following reasons: • indirect investment expenses are generally not reported as this information is not separately identifiable in most cases; • not all entities are able to provide complete information; and • data collected may not adequately capture some expenses. Entities also adopt different approaches to recognise future tax liabilities and assets.

Glossary

Account closure: Consolidation of accounts represents a member account closed where all benefits in that account have been consolidated with another account of the same member in the same RSE.
Account closure: Outward rollover represents a member account closed where all benefits in that account have been rolled out/transferred to another RSE. Exclude: rollovers due to successor fund transfers. Reference: SIS Regulation, r. 1.03.
Account closure: Satisfying a condition of release represents a member account closed where all benefits in that account have been paid to a beneficiary where a condition of release within the meaning given in Schedule 1 of the SIS Regulations is satisfied.
Account closure: Successor fund transfer represents a member account closed where a member’s benefit is transferred without the member’s consent from one RSE to a successor fund within the meaning given in r. 1.03 of the SIS Regulations. Reference: SIS Regulations, r. 6.29.
Accrued default amounts (ADA) represents the total amount attributed by the trustee to a member is defined as an accrued default amount in section 20B of the SIS Act where either the member has given the trustee of the fund no direction on the investment option in which the amount is to be invested; or the investment option in which the total amount is invested in is one which, under the current governing rules of the fund, would be the investment option for a new member if no direction were given.
Active member account represents a member account that has received contributions, rollovers, or transfers or has made benefit payments within the last two years and which has not been closed. Excludes: lost member accounts and inactive member accounts.
Activity fee represents a fee charged to a member that relates to an activity of an RSE licensee that is engaged in at the request of, or with the consent of, a member or that relates to a member and is required by law.
Administration expenses represents expenses that relate to the administration or operation of the fund. Includes: administration expenses for which administration fees are charged.  Report the total expense charged by an administrator where the administrator is also a service provider of activities other than administration e.g. custodial, and the expense is not segregated by activity type.
Administration fee represents a fee charged to a member that relates to the administration or operation of the fund.
Advertising/marketing represents activities associated with the promotion or delivery of goods or services, brand or entity. Includes: promotion and sponsorship activities.
Advice expenses represents expenses that relate to the provision of financial product advice to a member. Includes: expenses for which activity fees relating to provision of financial product are charged.
Advice fee represents a fee charged to a member that relates to the provision of financial product advice to a member by the RSE licensee.
Age bracket represents a segmentation of data based on the age of the member in years.
Age not available represents where the date of birth of a member is not known.
Attaining age 65 condition of release represents benefit payments made to a beneficiary based on satisfaction of the attaining age 65 condition of release, within the meaning given in SIS Regulations, Schedule 1.
Attaining preservation age condition of release represents benefit payments made to a beneficiary based on satisfaction of the attaining preservation age condition of release, within the meaning given in SIS Regulations, Schedule 1.
Average remuneration represents total director remuneration of directors on trustee board over total number of directors on trustee board.
Benefit payments represents lump sum benefit payments and pension benefits paid directly to members. Excludes: rollovers and successor fund transfers. Reference: SIS Regulations, Divisions 6.2 and 6.3; Superannuation Industry (Unclaimed Money and Lost Members) Act 1999, Part 4A.
Cash flow adjusted net assets is the sum of net assets at the beginning of the period and half of the sum of net members’ benefit flows and net insurance flows.
Cash represents cash on hand and demand deposits, as well as cash equivalents. Cash equivalents represent short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Reference: Australian Accounting Standards.
Commissions represents compensation for the facilitation of a transaction, such as buying or selling a particular product. Includes: commissions to brokers, agents, advisers, salespersons.
Commodities represents natural resources that are either grown or extracted from the ground and are often used as inputs in the production of other goods or services.
Compassionate grounds condition of release represents benefit payments made to a beneficiary based on satisfaction of the compassionate grounds condition of release, within the meaning given in SIS Regulations, Schedule 1.
Contributions tax and surcharge represents tax expenses in relation to taxable contributions made to the superannuation entity during the period (contributions tax) and contributions surcharge tax.
Corporate base represents where members join the RSE as a result of working for a single employer-sponsor, or an associate of the employer-sponsor, of the RSE. Reference: SIS Act, s. 16(1).
Corporate funds are RSEs with more than four members under the trusteeship of a ‘not for profit’ RSE licensee and with a corporate membership base.
Custodian represents the person or entity that performs custodial functions in relation to any of the assets of the RSE. Reference: SIS Act, s. 10(1).
Death condition of release represents benefit payments made to a beneficiary based on satisfaction of the death condition of release, within the meaning given in SIS Regulations, Schedule 1.
Defined benefit contribution represents contributions made in respect of a member interest that is a defined benefit interest. Reference: SIS Regulations, r. 1.03AA.
Defined benefit interests represents a member interest that is a defined benefit interest or a defined benefit pension. Reference: SIS Regulations, r. 1.03AA, r. 9.04E.
Defined benefit members’ benefits represents the present value of expected future benefit payments to defined benefit members and beneficiaries arising from membership, measured using actuarial assumptions and valuations where appropriate. Reference: Australian Accounting Standards.
Defined contribution interests represents a member’s interest in an RSE that is not a defined benefit interest. Reference: SIS Regulations, r. 1.03.
Defined contribution members’ benefits represents the present obligation to pay benefits to defined contribution members and beneficiaries. Reference: Australian Accounting Standards.
Director represents a director of an RSE licensee, within the meaning given in s. 10(1) of the SIS Act. A reference to ‘a director’ is, in the case of a group of individual trustees, an individual trustee.
Director remuneration represents remuneration paid to a director, individual trustee or alternate director of the RSE licensee with respect to their role for the RSE licensee, where remuneration has the meaning given, in the context of an officer (including an RSE licensee director), in the Part 9 Dictionary of the Corporations Act 2001.  Reference: Corporations Act 2001, s. 201K; Prudential Standard SPS 510 Governance.
Directors on trustee board includes directors, individual trustees and alternate directors.
Directly held represents investments made by the RSE in its own name. Includes: investments held by a custodian in trust for the RSE.
Director/individual trustee expenses represents compensation to a director for services provided in carrying out the functions of a director, including but not limited to non-compliance related consulting or administration services. Excludes: amounts paid to a director for reimbursement of expenses, professional indemnity insurance costs; commissions collected for payment to a third party.
Dividend revenue represents gross revenue in the form of dividends.
Employer contribution represents contributions made by an employer on behalf of the member. Includes: employer contributions made to an accumulation account on behalf of members to meet super guarantee, award or other obligations, contributions paid as a result of a salary sacrifice arrangement, transfers from consolidated revenue funds for EPSSSs and constitutionally protected funds, and super guarantee charge and the taxable component of any super holding accounts special account amounts which the ATO transferred to the provider on behalf of the member. Reference: Member Contribution Statement.
Employer-sponsor (non-public sector) ownership represents where the owner of the RSE licensee is the principal employer-sponsor of an RSE within the RSE licensee’s business operations. Include: where the RSE licensee is owned by employees of the employer-sponsor. Reference: SIS Act, s. 16(1). Exclude: where the employer-sponsor is a public sector organisation.
Equal representation required by governing rules represents where the RSE licensee chooses to have an equal-representation board structure. Reference: SIS Act, s. 89.
Equal representation required by legislation represents where the RSE licensee is required to have an equal-representation board structure. Reference: SIS Act, s. 89.
Equity represents an ownership interest in a business, trust or partnership. Includes: common shares, preference shares and units. Excludes: units in property trusts, units in infrastructure trusts.
Excess contributions tax (ECT) release conditions of release represents benefit payments made to a beneficiary based on satisfaction of the Excess contributions tax (ECT) release condition of release, within the meaning given in SIS Regulations, Schedule 1.
Exit fee represents a fee charged to a member to recover the costs of disposing of all or part of members’ interests in a fund.
Fee discount represents a discount applied against fees charged to members.
Fee paid by employer sponsor represents where the employer-sponsor, within the meaning given in s.16(1) of the SIS Act, pays the fee. Include: fees paid by way of an employer contribution that has not been allocated to member accounts, and, fees paid directly by an employer to a service provider without passing through the RSE.
Fee paid by member represents where the fee charged to the member has been paid directly either as a deduction from the member’s account, member’s contributions or from the investment return before crediting the member’s account balance.
Fee paid by reserve represents where the fee is paid from a reserve with the RSE.
Fee paid by RSE licensee represents where the RSE licensee pays the fee, either as a payment into the RSE by the RSE licensee or directly by the RSE licensee to a service provider without passing through the RSE.
Fee rebate represents a rebate received against fees charged to members.
Financial services corporation ownership represents where the owner of the RSE licensee is a financial services corporation, i.e. the owner is a legal entity created for the purpose of producing financial goods and services for the market, that may be a source of profit or other financial gain to its owner(s) and it is collectively owned by shareholders who have the authority to appoint directors responsible for its general management. Excludes: a financial services corporation that is the principal employer-sponsor of all RSEs within the RSE licensee’s business operations.
Fixed Income represents a loan, placement or debt security. Loans are financial assets that are created when a creditor lends funds directly to a debtor, and are evidenced by documents that are non-negotiable. Placements are liabilities of entities not described as authorised deposit-taking institutions, e.g. State treasuries. Debt securities are securities which represent borrowed funds which must be repaid by the issuer with defined terms including the notional amount (amount borrowed), an identifiable return and maturity/renewal date. Includes: short and long-term debt securities.
For profit status represents where an RSE licensee cannot be classified as being not for profit status.
General base represents where the predominant base of members of the RSE cannot otherwise be categorised as government base, corporate base and industry base.
Government base represents where members join the fund as a result of working for a government organisation, including quasi-corporations controlled by the general government sector. A government organisation is a legal entity established by political processes that have legislative, judicial or executive authority over other institutional units in a given area; are financed mainly from taxation or government transfers; and are principally involved in the provision of goods and services free of charge or at economically insignificant prices.
Government co-contribution represents contributions made by the Federal Government to the RSE under the Superannuation (Government Co-Contribution for Low Income Earners) Act 2003.
Impairment expense represents the change in the cumulative provision for impairment charges, relating to total investment income. An impairment loss is the amount by which the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount i.e. represents the portion of total investment income/distributions that the RSE no longer considers probable to collect.
Inactive member account represents a member account that has not received any contributions, rollovers or transfers, or made any benefit payments within the last two years but which has not been closed as the member is contactable. Includes: members that joined an RSE, as a standard employer-sponsored member, more than two years ago and there have been no contributions or rollover amounts in respect of that member within the past five years. Excludes: lost member accounts and active member accounts.
Industry base represents where members join the RSE as a result of working in a particular industry sector.
Industry funds are RSEs with more than four members under the trusteeship of a ‘not for profit’ RSE licensee and with either an industry or general membership base.
Infrastructure represents the basic physical systems of a country, state or region including transportation, communication, utilities, and public institutions.
Insurance fee represents a fee charged to a member that relates directly to insurance premiums paid by the RSE licensee in relation to a member or members. Excludes: insurance contracts where the benefit to the member is based on the performance of an investment rather than the realisation of a risk.
Interest revenue represents gross revenue in the form of interest.
Intrafund advice represents financial product advice to members within the meaning given in s. 99F of the SIS Act.
Investment consultant represents a person engaged to provide investment advice. Includes: asset consultants and implemented consultants.
Investment expense ratio represents total investment expenses over cash flow adjusted net assets.
Investment expenses represents expenses that relate to the investment of the assets of the entity. Includes: expenses for which investment fees are charged and expenses associated with generating income on investments.
Investment fee represents a fee charged to a member that relates to the investment of the assets of the entity.
Investment income and gains/losses represents the total investment income from superannuation activities. Includes: investment income after impairment expense, gains/losses on investments and other investment income.
Investment income represents gross revenue in the form of income or distributions from investments. Includes: interest, dividends, rental income, trust distributions.
Investment management base fee represents investment fees which are not determined by reference to the performance of the investments made by the investment manager on behalf of the RSE licensee of an RSE. Excludes: investment management performance based fees.
Investment management performance based fee represents investment fees which are determined, in whole or in part, by reference to the performance of an investment made by an investment manager on behalf of the RSE licensee of an RSE. Includes: accrued performance fees, past loss clawbacks in performance fees. Excludes: investment management base fees.
Investment option represents, at a minimum, pre-mixed options, investment vehicles and instruments that are made available, or have previously been made available, by the RSE licensee from which members of an RSE can select when determining how their interest is to be invested.
Inward rollovers represents rollovers and successor fund transfers into the fund.
Inward insurance flows represents inflows sourced from insurance activities. Includes: insurance claim benefits or proceeds credited to member accounts, reinsurance benefits, rebate income received on premiums charged, fee rebates received against insurance fees charged to members and changes in insurance liabilities or reinsurance assets.
Lost member account represents the account of a member who is inactive and is uncontactable or who transferred from another RSE as a lost member. Excludes: members that have confirmed their address in the past two years, members that have indicated that they want to remain a member, inactive member accounts and active member accounts. Reference: SIS Regulations r. 1.03A
Lost member who is found condition of release represents benefit payments made to a beneficiary based on satisfaction of the lost member condition of release, within the meaning given in SIS Regulations, Schedule 1, Item 111.
Low income super contribution represents contributions made by the Federal Government to the RSE for an individual member within the purposes of the Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011.
Lump sum benefit payment represents benefit payments that have been paid as a lump sum under a condition of release, from pooled superannuation trust arrangements or classed as another benefit payment type. Includes: insurance claim benefits or proceeds first credited to members’ accounts and subsequently disbursed along with members’ benefits to the member or beneficiary as a lump sum benefit payment. Reference: SIS Regulations, Schedule 2.
Member account represents a distinct entry recorded in the register of member accounts (or other equivalent mechanism).
Member account without a TFN represents a member account for which the RSE does not have a tax file number recorded to identify the member.
Member account with a TFN represents a member account for which the RSE has the member’s tax file number recorded to identify the member.
Member contributions represents contributions made by a member including non excluded capital gains or capital proceeds and personal injury payments, direct termination payments, other third party contributions (low income superannuation contributions, government co-contributions and other family and friend contributions) and other contributions made by a person other than the employer. Reference: Member Contribution Statement.
Member initiated activity represents an activity that is engaged in at the request, or with the consent, of a member. Excludes:  an activity that relates to a member and is required by law.
Members’ benefit bracket represents a segmentation of data based on the liability for member benefits owing to defined contribution members and defined benefit members. Excludes: unallocated contributions.
Members’ benefit flows represents members’ monies paid into or out of the entity.
Membership base represents the classification of the predominant base of members within the RSE. Predominant base means more than half of the overall fund membership.
MySuper product refers to a class of beneficial interest in a regulated superannuation fund that is a MySuper product if an RSE licensee is authorised under section 29T (including section 29TA and 29TB) to offer that class of beneficial interest in the fund as a MySuper product.
Net after tax contributions represents the sum of employer contributions, member contributions and defined benefit contributions less contributions tax and surcharge.
Net assets represents the surplus of total assets less total liabilities which is underlying the value of members’ benefits. Includes: reserves.
Net earnings after tax are net earnings generated during the period less tax expense on earnings.
Net earnings are the sum of net investment income and other income less operating expenses.
Net insurance flows is used in the calculation of rate of return. It represents inward insurance flows less outward insurance flows.
Net members’ benefits flows is used in the calculation of rate of return. It represents total members’ benefit flows in plus net rollovers less total members’ benefit flows out.
Net members’ benefit outflow ratio represents the sum of total members’ benefits flows out and outward rollovers over the sum of total members’ benefits flows in and inward rollovers.
Net rollovers is the difference between inward rollovers and outward rollovers.
New member account: Employer sponsor represents a member account created where the member’s employer is an employer sponsor of the fund. Reference: SIS Act, s. 16(1).
New member account: Member, tax free phase represents a member account created where the member has elected to set up a tax free phase member account and, that is not associated with the member’s employer. Tax free phase represents where the members’ benefits are no longer liable for income tax due to the member being eligible to access his or her superannuation. Includes: transition to retirement member accounts.
New member account: Member, taxed phase represents a member account created where the member has elected to set up a taxed phase member account and, that is not associated with the member’s employer. Taxed phase represents where the members’ benefits are liable for income tax due to the member being ineligible to access his or her superannuation.
Nominating organisation ownership represents where the owner of the RSE licensee is an employee association or employer association that represents the membership/employers of the RSEs within the RSE licensee’s business operations. Includes: where the RSE licensee is owned by directors representing the membership/employers of the RSEs within the RSE licensee’s business operations.
Non-equal representation represents where the RSE licensee does not maintain any form of equal representation on the Board.
Not for profit status represents where the RSE licensee’s business operations are not a source of income, profit or other financial gain to the RSE licensee owners, or associates of the RSE licensee owners, that establish, control or finance the legal entity.
Operating expense ratio represents total administration and operating expenses over cash flow adjusted net assets.
Operating expenses represents expenses that relate to the operation of the fund by the RSE licensee. Includes: operating expenses for which administration fees are charged, such as expenses relating to advertising/marketing, commissions, director/individual trustee expenses, operating expenses associated with service provider and other operating expenses. Excludes: administration expenses.
Operating income represents income sourced from miscellaneous operating activities. Includes: income from scrip lending; income associated with underwriting activities; fees and commissions; rebates on fees charged to members, costs, commissions and charges; and other miscellaneous income. Excludes: investment income.
Other investments include all investments not separately disclosed in the specified investment categories.
Other members’ benefits flows in represents total members’ benefit flows into the RSE minus the sum of net after tax contributions, rollovers, successor fund transfers and units issued.
Other members’ benefits flows out represents total members’ benefit flows out of the RSE minus the sum of benefit payments, rollovers out of the RSE, successor fund transfers out of the RSE, repatriation to employer sponsor and payments to unit holders.
Outward insurance flows represents outflows incurred through insurance activities. Includes: premiums debited from member accounts, reinsurance premiums charged, expenses incurred for insurance claims and changes in insurance liabilities or reinsurance assets.
Outward rollovers represents rollovers and successor fund transfers out of the fund.
Payments to unit holders represents payments from pooled superannuation trusts (PSTs) to unit holders of those PSTs. Excludes: rollovers paid out on behalf of unit holders. Reference: SIS Act, s. 10.
Pension benefit account represents the member account or portion thereof, from which pension benefit payments are payable under a condition of release. Includes: complying pensions, allocated pensions, annuity payments and payments from longevity products/variable annuities. Excludes: amounts resulting from the commutation of pension benefits. Reference: SIS Regulations, r. 1.05 and r. 1.06.
Pension benefit payment represents benefit payments that have been paid as a pension under a condition of release. Includes: account based pension, transition to retirement pension, allocated pensions, annuity payments and other pension income streams. Excludes: transfers, including rollovers and successor fund transfers, within the superannuation system. Reference: SIS Regulations, Divisions 6.2 and 6.3.
Permanent incapacity condition or release represents benefit payments made to a beneficiary based on satisfaction of the permanent incapacity condition of release, within the meaning given in SIS Regulations, Schedule 1.
Personal contribution represents contributions made by a member as defined in the Member Contribution Statement, Includes: contributions which have counted toward the non-concessional and concessional contributions cap, non excluded capital gains or capital proceeds and personal injury payments, direct termination payments and contributions from another entity on the members behalf, CGT personal injury exclusions, DTPs (made by a member to an account in their own name including both deducted and non-deducted member contributions).
Property represents an investment in real estate where the earnings and capital value are dependent on cash flows generated by the property through sale or rental income.
Proportion of benefits which are defined benefits represents defined benefit interests as a percentage of the sum of defined benefit and defined contribution interests.
Proportion of total assets in default or MySuper Strategy represents accrued default amounts and MySuper assets as a percentage of the fund’s total assets.
Public company ownership represents where the owner of the RSE licensee is a public company. Excludes: a public company that is a financial services corporation, a public company that is the principal employer-sponsor of an RSE.
Public sector funds are RSEs with more than four members under the trusteeship of a ‘not for profit’ RSE licensee and with a government base membership base. Public sector funds also include superannuation schemes established by a Commonwealth, State or Territory law (known as exempt public sector superannuation schemes).
Public sector organisation ownership represents where the owner of the RSE licensee is an organisation within the government sector or a resident corporation and quasi-corporation controlled by the general government sector. Includes: where the public sector organisation is the principal employer-sponsor of an RSE within the RSE licensee’s business operations.
Rate of return is net earnings after tax divided by cash flow adjusted net assets.
Realised gains/losses represents changes in the value of investments as a result of closing or disposal of investments.
Rental income represents gross revenue in the form of rental income from property investments.
Repatriation to employer sponsor represents where member benefits are paid back to employer sponsors that were originally received from employer sponsors either in the form of contributions or amounts associated with the redemption of fund assets. Excludes: amounts paid back to employer sponsors that relate to services provided, such as administrator fees. Reference: SIS Act, s. 117.
Retail funds are RSEs with more than four members under the trusteeship of a ‘for profit’ RSE licensee with a corporate, industry or general membership base.
Retail – ERF funds are eligible rollover funds under the trusteeship of a ‘for profit’ RSE licensee with a corporate, industry or general membership base.
Retirement condition of release represents benefit payments made to a beneficiary based on satisfaction of the retirement condition of release, within the meaning given in SIS Regulations, Schedule 1.
Rollover represents an amount that is transferred between superannuation funds, approved deposit funds, deferred annuities or retirement savings accounts. Excludes: successor fund transfers. Reference: SIS Regulations, r. 5.01, r. 6.28 and 6.29.
RSE licensee refers to a constitutional corporation, body corporate or group of individual trustees that holds an RSE licence granted under s. 29D of the SIS Act.
RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act.
Salary sacrifice contribution represents contributions via an arrangement under which an employee agrees to forego part of his or her total remuneration that he or she would otherwise expect to receive as salary or wages, in return for the employer, or an associate of the employer, providing contribution benefits of a similar value. Reference: Taxation Ruling 2001/10, paragraph 19.
Service provider represents an entity or individual that provides any type of service to the RSE licensee to assist or support the RSE licensee in carrying out its duties as an RSE licensee. Includes: accountant, administrator, asset consultant, custodian, financial advisor: employer, financial advisor: member, implemented consultant, professional indemnity insurer, internal auditor, investment manager, IT service provider, lawyer, platform provider, promoter, RSE actuary and RSE auditor.
Severe financial hardship condition of release represents benefit payments made to a beneficiary based on satisfaction of the severe financial hardship condition of release, within the meaning given in SIS Regulations, Schedule 1.
SMSF rollover represents a rollover associated with a self managed superannuation fund.
Successor fund transfer represents a transfer of a member’s benefits without the member’s consent from one RSE to a successor fund within the meaning given in r. 1.03 of the SIS Regulations. Reference: SIS Regulations, r. 6.29.
Super guarantee contribution represents contributions made by an employer to the RSE to meet its obligations under the Superannuation Guarantee (Administration) Act 1992. Includes: defined contribution employers’ contributions. Excludes: defined benefit contributions. Reference: SIS Regulations, r. 1.03.
Surplus/deficit in net assets represents the excess/deficiency in net assets available for members’ benefits against total liability for members’ benefits. Excludes: reserves, unallocated contributions. Reference: Australian Accounting Standards.
Switching fee represents a fee charged to a member to recover costs of switching all or part of members’ interests within the fund.
Tax free phase represents where the members’ benefits are no longer liable for income tax due to the member being eligible to access his or her superannuation.
Taxed phase represents where the members’ benefits account are liable for income tax due to the member being ineligible to access his or her superannuation.
Temporary incapacity condition of release represents benefit payments made to a beneficiary based on satisfaction of the temporary incapacity condition of release, within the meaning given in SIS Regulations, Schedule 1.
Terminal medical condition of release represents benefit payments made to a beneficiary based on satisfaction of the terminal medical condition of release, within the meaning given in SIS Regulations, Schedule 1.
Termination condition of release represents benefit payments made to a beneficiary based on satisfaction of the termination condition of release, within the meaning given in SIS Regulations, Schedule 1. Excludes: rollovers following a termination event and termination with less than $200.
Termination with less than $200 condition of release represents benefit payments made to a beneficiary based on satisfaction of the termination of employment with less than $200 condition of release, within the meaning given in SIS Regulations, Schedule 1, Item 104. Excludes: rollovers following a termination event.
Total assets represents resources: (a) controlled by an entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity. Reference: Australian Accounting Standards.
Total investments represents the purchase of a financial product or other item of value with an expectation of favourable future returns. Excludes: derivative assets, derivative liabilities and property, plant and equipment.
Total liabilities represents present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Reference: Australian Accounting Standards.
Total liability for members’ benefits represents the present obligation to members and beneficiaries for benefits they are entitled to receive in the future as a result of membership of the RSE. Excludes: reserves. Reference: Australian Accounting Standards.
Trust distribution represents gross revenue in the form of a trust distribution.
Unallocated contributions represents contributions received but not yet allocated to specific member accounts or reserves. Reference: Australian Accounting Standards.
Unclaimed money and lost members condition of release represents benefit payments made to the ATO based on satisfaction of the unclaimed money and lost members condition of release, within the meaning given in SIS Regulations, Schedule 1, Item 103B and under the Superannuation (Unclaimed Money and Lost Members) Act 1999, Part 4A.
Unique TFN represents each distinct tax file number recorded to identify a member, but which may be recorded multiple times across multiple member accounts.
Units issued represents contributions received and receivable from pooled superannuation trust unit holders. Reference: SIS Act, s. 48; SIS Act, s. 10.
Unrealised gains/losses represents changes in the value of investments as a result of remeasurement changes in the market value of investments. Includes: impairment charges and provisions.
Unrestricted non-preserved benefits represents unrestricted non-preserved benefits within the meaning given in SIS Regulations, Subdivision 6.1.4.

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