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Letter to RSE licensees: Important superannuation reporting information

26 March 2015

To all RSE licensees

IMPORTANT SUPERANNUATION REPORTING INFORMATION

This letter outlines a number of matters to assist RSE licensees when submitting superannuation returns to APRA. These are:

  1. a reminder that the extension of the due date from 28 calendar days to 35 calendar days for quarterly returns ceases for reporting periods ending on after 1 July 2015;
  2. reporting obligations when an RSE winds up;
  3. deferral of Reporting Standard SRS 534.0 Derivative Financial Instruments (SRS 534.0);
  4. completing ad hoc returns;
  5. information to assist submission of Reporting Form SRF 520.0 Responsible Persons Information (SRF 520.0) in D2A; and
  6. where to find further information about meeting APRA reporting obligations.

 

  1. Due dates for quarterly reporting periods ending on or after 1 July 2015

  2. In 2013, APRA released new reporting standards for the superannuation industry. After the release of the final requirements, APRA received further feedback from industry and other stakeholders on a range of implementation issues related to the new reporting requirements.

    After considering that feedback, APRA decided to defer the implementation dates for some parts of the reporting framework and extend some reporting due dates for a transitional period. These changes provided additional time for industry to implement the new data collection requirements and enable further consultation on some aspects of the reporting requirements.

    On 21 March 2014, APRA issued a letter granting an extension of the due date from 28 calendar days to 35 calendar days for reporting periods ending on or before 30 June 2015 for the following forms1:

    • Reporting Standard SRS 320.0 Statement of Financial Position;
    • Reporting Standard SRS 330.0 Statement of Financial Performance;
    • Reporting Standard SRS 410.0 MySuper Transition;
    • Reporting Standard SRS 533.0 Asset Allocation;
    • Reporting Standard SRS 702.0 Investment Performance;
    • Reporting Standard SRS 530.0 Investments;
    • Reporting Standard SRS 531.0 Investment Flows;
    • Reporting Standard SRS 532.0 Investment Exposure Concentrations; and
    • Reporting Standard SRS 160.1 Defined Benefit Flows.

     

    Quarterly reporting periods ending on or after 1 July 2015 will have a due date of 28 calendar days. RSE licensees must have the necessary systems, procedures and controls in place to report reliable data to APRA by the due date. RSE licensees that have reporting issues should contact APRA Statistics before the relevant reporting due date.

  3. Reporting the winding up of an RSE

  4. Please notify your APRA Supervisor as soon as practicable after an official resolution has been passed to wind up an RSE. Reporting Standard SRS 602.0 Wind-up, which commenced on 1 July 2013, applies to funds that are winding up. This return must be submitted to APRA within three months of the wind-up date. If you have any questions about your reporting obligations when winding up an RSE, please email statistics@apra.gov.au.

  5. Deferral of SRS 534.0

  6. On 10 March 2015, APRA wrote to RSE licensees to advise that SRS 534.0 would not be required to be completed for the current year of income. This is to allow for further consultation with industry. The consultation letter is available on the APRA website at http://apra.gov.au/Super/Documents/150310-Letter-to-RSELs-Consultation-on-534.0-v1.0.pdf.

  7. Completing ad hoc returns

  8. Ad hoc reporting requirements must be completed with a new submission of a return, not a resubmission of a previously submitted version of the return, for these returns as explained here:

    • Ad Hoc Baseline Return (RSE licensee) (SRF 001.0): within 28 calendar days of any change to information previously reported in relation to a MySuper product per the reporting standard and instructions at: http://www.apra.gov.au/Super/Pages/superannuation-reporting-standards.aspx;
    • Product Dashboard Ad Hoc (MySuper Invest Option) (SRF 700.0): within 28 days after the updated product dashboard takes effect; and
    • Fees and Costs Disclosed Ad Hoc Return (MySuper Product) (SRF 703.0): within 28 days of a change such that a PDS relating to a MySuper product is required by law to be updated.

    Please inform APRA within 28 days of any event which triggers an obligation to make an ad hoc submission of the SRF 001.0, 700.0 or 703.0. Inform APRA by email to statistics@apra.gov.au, and in your email state the date of the event which triggered the obligation to submit an ad hoc return and request a new form to be allocated. Please note that ad hoc submissions are to be made in addition to the regular periodical submissions of those forms.

    Resubmission of a previously submitted version of a return should only be done to correct information which was submitted previously.

    For SRF 700.0, see FAQ 120 at:
    http://www.apra.gov.au/Super/ReportingFramework/Pages/Reporting-Framework-Frequently-Asked-Questions.aspx#faq120

    For SRF 703.3, see FAQ 121 at:
    http://www.apra.gov.au/Super/ReportingFramework/Pages/Reporting-Framework-Frequently-Asked-Questions.aspx#faq121

     

  9. Submission of SRF 520.0 to APRA using D2A

  10. APRA has received a number of queries regarding the submission of information on SRF 520.0 when providing responsible persons information to APRA. When submitting the SRF 520.0, please:

    • Click ‘refresh’ in the form chooser box when opening the SRF 520.0 in D2A. This will pre-fill the existing Responsible Persons box in the return with your current list of Responsible Persons recorded in APRA’s database. Information on refreshing forms can be found in the D2A help guide2;
    • Provide an end date for any person no longer acting as a Responsible Person;
    • Note that SRF 520.0 must be resubmitted to advise of a change in a responsible person to APRA:
      • within 14 days of any change or new appointment of a responsible person; and
      • within 14 days of an RSE licensee assessing that a responsible person is not fit and proper.

     

  11. More information about Superannuation reporting obligations

The APRA website has a range of resources to assist in meeting reporting obligations.

http://apra.gov.au/Super/ReportingFramework/Pages/Reporting-Framework-Frequently-Asked-Questions.aspx

D2A validation rules: http://www.apra.gov.au/Super/ReportingFramework/Pages/Super-reporting.aspx

Links to reporting standards and forms: http://www.apra.gov.au/Super/ReportingFramework/Pages/Super-reporting.aspx

Guidelines to assist in explaining data: http://www.apra.gov.au/Super/ReportingFramework/Documents/SA_GL_PED_042010_v2.pdf

If you have any queries regarding this letter, please email statistics@apra.gov.au.

Yours sincerely
Kundan Misra
Manager, Standard Data Collections

 

 

 

1 http://www.apra.gov.au/Super/Documents/Changes-to-Superannuation-Reporting-Requirements-March-2014.pdf. Note that the letter also covered Reporting Standard SRS 530.1 Investments and Investment Flows; this reporting standard has now ceased.

2 http://www.apra.gov.au/CrossIndustry/Documents/D2A-Help-Guide-Release-5.3-Jun-2014.pdf