1. As a standalone phrase:
* "Above subject matter refers..." This is grammatically correct but incomplete. You would need to add the rest of the sentence to make sense.
2. As part of a larger sentence:
* "The above subject matter refers to..." This is a complete sentence with the phrase "above subject matter refers" acting as part of the verb phrase.
* "...the above subject matter refers to..." Here, "above subject matter refers" is used in the middle of a sentence, and it's likely followed by a noun or phrase that clarifies what the subject matter refers to.
3. In a list or other structured text:
* "Above subject matter refers: [insert information]" This is a common format when listing information related to a subject matter. The colon indicates that what follows explains the subject matter.
4. As a heading or title:
* "Above Subject Matter Refers" This is a possible heading or title if you are discussing the subject matter referred to above.
Ultimately, the best punctuation will depend on the specific context and how you want to use the phrase.