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Letter to Superannuation industry: 30 June 2016 annual SRF 703.0 Fees Disclosed reporting exemption

25 August 2016

APRA has, by Financial Sector (Collection of Data) exemption No. 2 of 2016, granted an exemption from one of the reporting obligations under reporting standard SRS 703.0 Fees Disclosed determined by Financial Sector (Collection of Data) (reporting standard) determination No. 100 of 2013.

As you are aware, the former SRS 703.0 Fees Disclosed has been replaced by a new version of that reporting standard. However, under paragraph 7(b) of the former and the new version of SRS 703.0, the financial sector entities to which the standards apply would have been required to report data to APRA in respect of two consecutive days, namely 30 June 2016 and 1 July 2016.

In line with APRA’s commitment to seek opportunities to reduce compliance costs for business and the community, APRA has determined a class exemption under paragraph 16(1B)(b) of the Financial Sector (Collection of Data) Act 2001 which exempts the financial sector entities to which the former SRS 703.0 applied from the obligation to provide the information required by that standard in respect of 30 June 2016. The annual SRF 703.0 Fees Disclosed return which otherwise falls due on 30 September 2016 no longer needs to be submitted.

The obligation to provide information under the new version of SRS 703.0 in respect of 1 July 2016 continues to apply.

Please contact me on (02) 9210 3441 or statistics@apra.gov.au should you wish to discuss or clarify any matter raised in this letter.

Yours sincerely

Kundan Misra

Manager, Standard Data Collections