Fees and taxes

There are no entry or exit fees for establishing or closing an IRIS account.

We do not pay commissions to financial planners and do not charge any ongoing trail commissions, which means that more of your money is working for you.

Fees and costs

Management fees

Represents all ongoing fees such as administration, investment management and ongoing operating expenses on a per annum basis (not including transaction costs, please see below).
Applies to each investment option
The fee is charged proportionally to your account each month based on the value of your account on the last day of the month.

Transaction costs

Covers costs such as brokerage, government taxes/duties/levies, bank charges and account transaction charges when assets are bought and sold.
Applies when you invest, switch or withdraw (including income payments) all or part of your investment.
Transaction costs are an additional cost to you, are paid to our external investment managers and may change at anytime without notice .

Investment option	Management fee		Transaction cost*
Investment option	Total account balance below $250,000 pa	Total account balance of or above $250,000 pa	Buy costs (when you start investing or switch to a new investment option)	Sell costs (when you withdraw or switch from an investment option to a new one)
Defensive	0.90%	0.85%	0.09%	0.09%
Conservative	0.95%	0.90%	0.13%	0.14%
Growth	1.00%	0.95%	0.18%	0.17%
High Growth	1.10%	1.05%	0.18%	0.17%
Cash	0.40%	0.35%	0%	0%
Diversified Fixed Interest	0.75%	0.70%	0.11%	0.14%
Property	0.90%	0.85%	0.30%	0.30%
Australian Shares	1.00%	0.95%	0.21%	0.18%
Sustainable Australian Shares	1.15%	1.10%	0.15%	0.15%
International Shares	1.15%	1.10%	0.18%	0.18%

*The above transaction costs are current as at 21 April 2010 and may differ from what is disclosed in the current Product Disclosure Statement.

Taxation

There is no tax on the investment earnings of your IRIS account.

If you are 60 years of age or over, you do not pay tax on your IRIS Super Income Stream or Term Allocated Pension, whether you receive regular income payments, or if you withdraw lump sum payments.

If you are under 60 years of age your income payments will be subject to income tax (plus Medicare Levy).

For more information about taxation, please read the Product Disclosure Statement and seek independent professional taxation advice.

We will send you information at the end of each financial year to assist you with the preparation of your tax return, including your portion of the fund's taxable income, imputation credits and foreign tax credits, and any amounts of capital profits distributed.

As Trustee, we undertake to notify all IRIS members of any change in fees and charges at least 30 days before the change takes effect. In addition, we may introduce or increase fees at our discretion, including where increased charges are incurred due to Government changes to legislation, increased costs, and significant changes to economic conditions and/or the imposition or increase of processing charges by third parties.