Expenditure Glossary
| Term | Meaning |
|---|---|
| Accounting Adjustments (expense type) | Means any accounting adjustments including amortisation or depreciation. |
| Accounting and Finance (expense type) | Means the expense incurred for the provision of accounting and finance services to the reporting entity. |
| Actuarial Services (expense type) | Means the expense incurred for the provision of actuarial services. |
| Administration And Other Expenses (expense category type) | Means the profit was attributable to an administration or other non investment management related expense. |
| Administration Services (expense group) | Means the expense incurred for the provision of any administration services. |
| Advertising Or Marketing (expense type) | Means the expense incurred for the provision of advertising and marketing and/or distribution. |
| Advice (expense group type) | Means activities that relate to the provision of financial product advice to a member. |
| Asset Consultant (expense service type) | Means the expense incurred for the provision of any asset consultant services. |
| Board And Board Committees (expense type) | Means the expense incurred for Board and Board Committees. Includes: Director Remuneration |
| Brokerage (expense service type) | Means the expense incurred for the provision of any brokerage services. |
| Call Centre Services (expense type) | Means the expense incurred for the assistance and services delivered to members through call-centres. |
| Capital Expenditure (expense type) | Means the expense incurred for capital expenditure. Includes IT capital expenditure. |
| Cash flow adjusted net assets | Means 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 . |
| Complaints And Feedback Handling (expense type) | Means the expense incurred for the management of direct correspondence from members towards the entity, where there is an expression of dissatisfaction by a member. |
| Connected entity | Has the meaning of a person connected with an RSE licensee under subsection 13(4F) of the Financial Sector (Collection of Data) Act 2001. |
| Conferences (expense type) | Means the expense incurred in the provision of or attendance at any conference. |
| Consultant Fees (engagement type) | Means a service arrangements for the provision of consultant services. |
| Consumer Testing (expense type) | Means the expense incurred for the provision of consumer testing. |
| Custody (expense service type) | Means the expense incurred for the provision of any custody services. |
| Development And Maintenance Of Website And Other Digital Tools (expense type) | Means the expense incurred for the technological solutions developed to enable and enhance member engagement and experience, such as online portals, online calculators and applications. |
| Director Remuneration (engagement type) | Means payments of directors’ fees. |
| Donation To Political Party (engagement type) | Means payments that are a political donation. |
| Engagement type | Means type of engagement related to an expense. The engagement type options are: Other Payments; Ongoing Payment To Service Provider; Consultant Fees; Staff Wages; Accounting Adjustments; Travel Entertainment And Conferences; Director Remuneration; Executive Remuneration; and Donation To Political Party. |
| Entertainment (expense type) | Means the expense incurred for the provision of any entertainment services. |
| Executive Remuneration (engagement type) | Has the meaning as in section 29QB (1) of the SIS Act. |
| Expense Category Type | Means the expense category for which the profit attributable to expense amounts is incurred. The expense category type options are: Administration And Other Expenses Investment Management Expenses |
| Expense Group Type | Means categories of expenses that can be reported. The expense group options are: Administration Services; Advice; Member Services; Marketing; Trustee; Board Fund Operations And Corporate Overheads; and Other. |
| Expense Margin Contribution to Related Party Profit as a proportion of total expenses with Payee | Means the Expense margin contribution to related party profit for each related-connected entity as a proportion of total expense amount with that related-connected entity for the applicable expense category type. |
| Expense margin contribution to related party profit | Means the expense amounts that can be attributed to profit for each related connected entity. |
| Expense ratio | The expense ratio is the expense amount as a percentage of the RSE’s cash flow adjusted net assets. |
| Expense Service Type | Means the expense service types that can be reported. The expense service type options are: Investment Administration; Investment Consulting; Investment Management; Brokerage; Custody; Asset Consultant; Implemented Consultant; Investment Research; Valuation; and Other. |
| Expense Type | Means the expense types that can be reported. The expense type options are; Accounting Adjustments Accounting and Finance; Actuarial Services; Advertising Or Marketing; Board And Board Committees Call Centre Services; Capital Expenditure; Complaints And Feedback Handling; Conferences; Consumer Testing; Development And Maintenance Of Website And Other Digital Tools Entertainment; External Audit; Financial Planners; Financial Planning Payments To Externals; Human Resources Insurance Administration; Internal Audit; Intra Fund Advice; IT Services; Legal; Member Account Administration Member Campaigns; Member Communication; Member Education; Member Wrap Platform; Memberships; Merger Implementation; Merger Investigation; Motor Vehicles; Political Donations; Premises; Professional Indemnity; Regulatory Levies; Research and Data Analytics; Risk And Compliance Sponsorship; Strategy And Planning Training; Travel; and Other. |
| Expense with a related party | A payment included in the list described in Paragraph 2.10(1)(h)(i)-(vi) of the SIS Regulations. |
| External Audit (expense type) | Means the expense incurred for the provision of external audit services. |
| Financial Planners (expense type) | Means the expense incurred for the provision of financial planners employed by the RSE licensee. |
| Financial Planning Payments To Externals (expense type) | Means the expense incurred for the provision of financial planning payments to external companies or individuals (not employed by the RSE licensee). |
| Fund Operations And Corporate Overheads (expense group) | Means the expense incurred for the provision of corporate overheads services and operation. |
| Group Company (service provider relationship type) | Means a parent company that has a shareholding in both the service provider and the trustee. |
| Human Resources (expense type) | Means the expense incurred for the provision of any human resources services. Includes: Recruitment Excludes: Training |
| Implemented Consultant (expense service type) | Means the expense incurred for the provision of any implemented consultant services. |
| Insourced Service Provider | Means the performance of functions, processes or projects with internal resources. |
| Indirect Parent (service provider relationship type) | Means where the service provider has a shareholding in a Parent company of the RSE licensee. |
| Indirect Subsidiary (service provider relationship type) | Means where the RSE licensee has a shareholding in a Parent company of the service provider. |
| Industrial Body (service provider type) | Means where payments made by or on behalf of the RSE licensee in respect of the RSE during the year of income to another entity who, at the time of receiving the payment, was an organisation (within the meaning of the Fair Work (Registered Organisations) Act 2009). |
| Industry Association (service provider type) | Means an association incorporated in any Australian State or Territory; which represents entities in the superannuation industry. |
| Insurance Administration (expense type) | Means the expense incurred for the processing and management of insurance arrangements for members. |
| Internal Audit (expense type) | Means the expense incurred for the provision of internal audit services. |
| Intra Fund Advice (expense type) | Means financial product advice given by an RSE licensee (or an employee of, or another person acting under arrangement with, the RSE licensee) of an RSE, defined benefit RSE or ERF to its members, where that advice is not of a kind to which the prohibition in section 99F of the SIS Act applies. |
| Investment Administration (expense service type) | Means the expense incurred for the provision of any investment administration services. |
| Investment Consulting (expense service type) | Means the expense incurred for the provision of any investment consulting services. Excludes asset consulting. |
| Investment Management (expense service type) | Means the expense incurred for the provision of any investment management services. |
| Investment Management Expenses (expense category type) | Means the profit was attributable to an investment management expense. |
| Investment Research (expense service type) | Means the expense incurred for the provision of any investment research services. |
| IT Services (expense type) | Means the expense incurred for corporate IT services for the RSE licensee in respect of the RSE. |
| Legal (expense type) | Means the expense incurred for any legal service providers. |
| Marketing (expense group type) | Where the service provider is not the RSE or RSE Licencee, means the expense incurred for the provision of any promotion, marketing or sponsorship expense. (i) the payment has been made, or is to be made, by or on behalf of the entity under a contract during the year of income; (ii) the purpose of the payment is promoting the entity, promoting a particular view on behalf of the entity or sponsorship on behalf of the entity; and (iii) the payment is not a gift (within the meaning of Part XX of the Commonwealth Electoral Act 1918) whose amount or value is to be included in the sum referred to in paragraph (c) of this subregulation. Where the service provider is the RSE or RSE Licensee, means any other expense incurred for the purpose of promotion or marketing. |
| Member Account Administration (expense type) | Means the expense incurred for the systems utilised to process member transactions, including; contributions, transfers and withdrawals as well as upkeep and maintenance of member records. |
| Member Campaigns (expense type) | Means the expense incurred for the provision of member campaigns. |
| Member Communication (expense type) | Means the expense incurred for the systems and processes involved in distributing communications to members. |
| Member Education (expense type) | Means the expense incurred for the provision of member education, including member communications for the purpose of member education. |
| Member Services (expense type) | Means the expense incurred for the provision of any member services of entities. |
| Member Wrap Platform (expense type) | Means the expense incurred for the provision of wrap platform services. |
| Memberships (expense type) | Means the expense incurred for memberships not otherwise categorised. Includes: professional association membership, industry association membership |
| Merger Implementation (expense type) | Means the expense incurred in relation to the implementation of a merger between to RSEs not otherwise categorised. |
| Merger Investigation (expense type) | Means the expense incurred relating to identifying potential merger partners and developing strategy. |
| Motor Vehicles (expense type) | Means the expense incurred for any motor vehicle services. |
| None (service provider relationship type) | Means that no shareholding exists between entities. |
| Ongoing Payment To Service Provider (engagement type) | Means service arrangements with an outsourced service provider for ongoing provision of services |
| Other (expense type) | Means an expense type other than the options available. |
| Other Payee (service provider type) | Means an entity which an expense is made or on behalf of the RSE licensee in respect of the RSE during the year of income which is not a service provider, promoter, industrial body or RSE licensee. |
| Other Payments (engagement type) | Means service arrangements that are a one-off expense that are not expected to be ongoing arrangements. |
| Other Related Party (service provider relationship type) | Means a related party that is not Parent; Indirect Parent; Subsidiary; Indirect Subsidiary; RSEL; or Group Company |
| Parent (service provider relationship type) | Means the service provider has a shareholding in the RSE licensee. |
| Political Donation | Means amounts or values of gifts (within the meaning of Part XX of the Commonwealth Electoral Act 1918) that were made by or on behalf of the entity during the year of income to another entity who, at the time of receiving the gift: (i) was a political entity (within the meaning of that Act); or (ii) was, or was required by that Part of that Act to be, a political campaigner (within the meaning of that Part); or (iii) was, or was required by that Part of that Act to be, an associated entity (within the meaning of that Part). |
| Political Donations (expense type) | Means payments made for the purpose of a political donation. |
| Premises (expense type) | Means the expense incurred for the provision of any premises. |
| Professional Indemnity (expense type) | Means the expense incurred for the provision of any professional indemnity services. |
| Promoter (service provider type) | Means a service provider where there is a promoter agreement in place between the RSE licensee and the service provider in respect of the RSE or a product of the RSE. |
| Regulatory Levies (expense type) | Means the expense incurred for the provision of any regulatory levies services. |
| Related connected entity | Means an entity that is both a related party and a connected entity. |
| Related party | Means, in relation to an entity (the principal entity) or the RSE licensee of the principal entity, is a related party for the purposes of accounting standard AASB 124 Related Party Disclosures and/or a Related party as defined in subsection 10(1) of the SIS Act . |
| Research And Data Analytics (expense type) | Means the expense incurred for the provision of any data analytics or research including the cost of subscriptions used for research and data analytics. |
| Responsible Person | Has the meaning as in Prudential Standard SPS 520 Fit and Proper. |
| Risk And Compliance (expense type) | Means the expense incurred for risk management and compliance, including implementation of remediation programs, regulatory change and regulatory reporting not otherwise classified. |
| RSE Licensee | Has the meaning given in subsection 10(1) of the SIS Act. |
| RSEL (service provider relationship type) | Means the service provider is the RSE licensee |
| Service Provider | Means an entity that is engaged to fulfil a service arrangement through a contractual arrangement. Excludes entities which are a promoter, industrial body or RSE licensee. |
| Service Provider Relationship Type | Means the relationship the service provider holds towards the trustee. The service provider relationship type options are: None; Parent; Indirect Parent; Subsidiary; Indirect Subsidiary; RSEL; Group Company; and Other Related Party. |
| Service Provider Shareholding Relationship | Means a shareholding relationship exists between service providers, and the RSE licensee or responsible persons of the RSE licensee. |
| Sponsorship (expense type) | Means the expense incurred for the provision of any sponsorship. |
| Staff Wages (engagement type) | Means payment of wages to staff employed by the RSE licensee excluding executive remuneration. |
| Strategy And Planning (expense type) | Means payment of wages to staff employed by the RSE licensee excluding executive remuneration. |
| Subsidiary (service provider relationship type) | Means where the RSE licensee has a shareholding in the service provider. |
| Total expense amount | Means the total expense amount with the related-connected entity for the applicable expense category type. |
| Training (expense type) | Means expenses incurred when training RSE licensee’s staff. |
| Travel (expense type) | Means the expense incurred for the provision of any travel services. |
| Travel Entertainment And Conferences (engagement type) | Means payments relating to travel, entertainment or conferences for staff employed by the RSE licensee. |
| Trustee Board (expense group type) | Means the expense incurred for the provision of trustee board services and operation. |
| Valuation (service expense type) | Means the expense incurred for the provision of any valuation services. |