The world of
financial planning can be confusing at times with MER's, SMSF's & APRA so we
have endeavoured to help translate this for you by providing you with
definitions to some frequently used terms.
AFSL
Australian Financial Services License - The AFSL is the license
required to provide financial advice legally. No organisation or person
including super funds can provide financial advice unless it holds an AFSL.
All Ords
A share price index measuring the market prices of the major stocks listed
on the ASX.
The index is calculated continuously, and expressed as a number which allows
overall market fluctuations to be quickly gauged.
AML
Anti-Money Laundering Identification Form - these forms must be
completed and sent along with Photographic ID with all new
investment/superannuation and sometimes when performing actions within
existing investment/superannuation.
APRA
Australian Prudential Regulation Authority - www.apra.gov.au
ASFA
Association of Superannuation Funds of Australia.
www.superannuation.asn.au
ASX
Australian Securities Exchange -
www.asx.com.au
BAS
Business Activity Statement
ETP
Eligible Termination Payment
FoFA
Future of Financial Advice reforms - follow this
FoFA Link to view more information
FPA
Financial Planning Association of Australia -
www.fpa.asn.au
GFC
Global Financial Crisis
IFSA
Investment & Financial Services Association Ltd -
www.ifsa.com.au
IAS
Instalment Activity Statement
ICR
The ICR is a measure of the 'indirect' management costs of investing in the
fund, being those borne by all members on a proportional basis. The ICR
excludes Adviser, Contribution, Withdrawal/Switch and other Additional Fees
paid by clients.
ITR
Income Tax Return
MER
Management Expense Ratio -
the MER assesses the fees and expenses of a fund as a proportion of the
fund's net asset value
SMSF
Self Managed Super Fund - For information
on these types of funds goto this
ATO Link
