{"id":"F2017L00730","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 10 of 2017","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-10-of-2017","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":96561,"registerId":"commonwealth-F2017L00730-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Financial Sector (Collection of Data) (reporting standard) determination No. 10 of 2017","content":"![](image.001.png)\n\nFinancial Sector (Collection of Data) (reporting standard) determination No. 10 of 2017\n\nReporting Standard SRS 610.1 Changes in Membership Profile\n\nFinancial Sector (Collection of Data) Act 2001\n\nI, Katrina Ellis, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:\n\n(a) REVOKE Financial Sector (Collection of Data) (reporting standard) determination No. 19 of 2015, including Reporting Standard SRS 610.1 Changes in Membership Profile made under that Determination; and\n\n(b) DETERMINE Reporting Standard SRS 610.1 Changes in Membership Profile, in the form set out in the Schedule, which applies to the financial sector entities to the extent provided in paragraph 3 of the reporting standard.\n\nUnder section 15 of the Act, I DECLARE that the reporting standard shall begin to apply to those financial sector entities, and the revoked reporting standard shall cease to apply, on 1 July 2017.\n\nThis instrument commences on the date of registration on the Federal Register of Legislation.\n\nDated: 21 June 2017\n\n\\[Signed\\]\n\nKatrina Ellis\n\nGeneral Manager, Statistics\n\nInterpretation\n\nIn this Determination:\n\nAPRA means the Australian Prudential Regulation Authority.\n\nfinancial sector entity has the meaning given by section 5 of the Act.\n\nSchedule\n\nReporting Standard SRS 610.1 Changes in Membership Profile comprises the 10 pages commencing on the following page.\n\n![](image.001.png)\n\nReporting Standard SRS 610.1\n\nChanges in Membership Profile\n\nObjective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA relating to changes in the membership profile of a registrable superannuation entity\n\nIt includes Form SRF 610.1 Changes in Membership Profile and associated specific instructions.\n\nAuthority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\nPurpose\n\n2. Information collected in Form SRF 610.1 Changes in Membership Profile (SRF 610.1) is used by APRA for the purposes of prudential supervision and publication.\n\nApplication and commencement\n\n3. This Reporting Standard applies to each registrable superannuation entity (RSE) licensee (RSE licensee) in respect of each RSE, defined benefit RSE and eligible rollover fund (ERF) within its business operations.[\\[1\\]](#_ftn1)\n\n4. This Reporting Standard applies for reporting periods ending on or after 1 July 2017.\n\nInformation required\n\n5. An RSE licensee to which this Reporting Standard applies must provide APRA with the information required by SRF 610.1 in respect of each reporting period.\n\nForms and method of submission\n\n6. The information required by this Reporting Standard must be given to APRA in electronic format using the ‘Direct to APRA’ application or, where ‘Direct to APRA’ is not available, by a method notified by APRA, in writing, prior to submission.\n\nNote: the ‘Direct to APRA’ application software (also known as ‘D2A’) may be obtained from APRA.\n\nReporting periods and due dates\n\n7. Subject to paragraph 8, an RSE licensee to which this Reporting Standard applies must provide the information required by this Reporting Standard in respect of each year of income of each RSE, defined benefit RSE or ERF within its business operations.\n\n8. If, having regard to the particular circumstances of an RSE, defined benefit RSE or ERF, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by paragraph 7, APRA may, by notice in writing, change the reporting periods for the particular RSE, defined benefit RSE or ERF.\n\n9. The information required by this Reporting Standard must be provided to APRA:\n\n(a) within three months after the end of the year of income to which the information relates; and\n\n(b) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.\n\n10. APRA may grant, in writing, an RSE licensee an extension of a due date with respect to one or more RSEs, defined benefit RSEs or ERFs within its business operations, in which case the new due date for the provision of the information will be the date on the notice of extension.\n\nQuality control\n\n11. The information provided by an RSE licensee under this Reporting Standard must be the product of systems, procedures and internal controls that have been reviewed and tested by the RSE auditor of the RSE, defined benefit RSE or ERF to which the information relates.[\\[2\\]](#_ftn2) This will require the RSE auditor to review and test the RSE licensee’s systems, procedures and internal controls designed to enable the RSE licensee to report reliable information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the RSE auditor to form an opinion on the reliability and accuracy of information; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of SPS 310.\n\n12. All information provided by an RSE licensee under this Reporting Standard must be subject to systems, processes and controls developed by the RSE licensee for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the RSE licensee to ensure that an appropriate set of policies and procedures for the authorisation of information submitted to APRA is in place.\n\nAuthorisation\n\n13. When an officer or agent of an RSE licensee provides the information required by this Reporting Standard using the ‘Direct to APRA’ software, it will be necessary for the officer or agent to digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n14. If the information required by this Reporting Standard is provided by an agent who submits using the ‘Direct to APRA’ software on the RSE licensee’s behalf, the RSE licensee must:\n\n(a) obtain from the agent a copy of the completed form with the information provided to APRA; and\n\n(b) retain the completed copy.\n\n15. An officer or agent of an RSE licensee who submits the information under this Reporting Standard for, on behalf of, the RSE licensee must be authorised by either:\n\n(a) the Chief Executive Officer of the RSE licensee; or\n\n(b) the Chief Financial Officer of the RSE licensee.\n\nVariations\n\n16. APRA may, by written notice to an RSE licensee, vary the reporting requirements of SRF 610.1 in relation to that RSE licensee or one or more RSEs, defined benefit RSEs or ERFs within that RSE licensee’s business operations.\n\nInterpretation\n\n17. In this Reporting Standard:\n\nAPRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;\n\nChief Executive Officer means the chief executive officer of the RSE licensee, by whatever name called, and whether or not he or she is a member of the Board of the RSE licensee[\\[3\\]](#_ftn3);\n\nChief Financial Officer means the chief financial officer of the RSE licensee, by whatever name called;\n\ndefined benefit RSE means an RSE that is a defined benefit fund within the meaning given in Prudential Standard SPS 160 Defined Benefit Matters;\n\ndue date means the relevant date under paragraph 9 or, if applicable, paragraph 10;\n\neligible rollover fund (ERF) has the meaning given in section 10(1) of the SIS Act;\n\nreporting period means a period mentioned in paragraph 7 or, if applicable, paragraph 8;\n\nRSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act that is not a defined benefit RSE, pooled superannuation trust, ERF, small APRA fund or single member approved deposit fund[\\[4\\]](#_ftn4);\n\nRSE auditor means an auditor appointed by the RSE licensee to perform functions under this Reporting Standard;\n\nRSE licensee has the meaning given in section 10(1) of the SIS Act;\n\nSIS Act means Superannuation Industry (Supervision) Act 1993; and\n\nyear of income has the meaning given in section 10(1) of the SIS Act.\n\n| SRF 610.1: Changes in Membership Profile |\n| ---------------------------------------- |\n\n| Australian Business Number | Institution Name |\n| -------------------------- | ---------------- |\n|                            |                  |\n| Reporting Period           | Scale Factor     |\n|                            |                  |\n| Reporting Consolidation    |                  |\n|                            |                  |\n\n| Member account movement |\n| ----------------------- |\n\n|                                                          | Member accounts | Members' benefits |\n| -------------------------------------------------------- | --------------- | ----------------- |\n|                                                          | (1)             | (2)               |\n| Member accounts at the beginning of the reporting period |                 |                   |\n| 2. New member accounts                                   |                 |                   |\n| 2.1. of which: Rollovers                                 |                 |                   |\n| 2.2. of which: Successor fund transfers                  |                 |                   |\n| 3. Closed member accounts                                |                 |                   |\n| 4. Member accounts at the end of the reporting period    |                 |                   |\n\n| 5. Movement detail |\n| ------------------ |\n\n| Type of member account movement                    | Member accounts | Members' benefits |\n| -------------------------------------------------- | --------------- | ----------------- |\n| (1)                                                | (2)             | (3)               |\n| Account closure: Satisfying a condition of release |                 |                   |\n| Account closure: Consolidation of accounts         |                 |                   |\n| Account closure: Outward rollover                  |                 |                   |\n| Account closure: Successor fund transfer           |                 |                   |\n| Account closure: Other exit                        |                 |                   |\n| New member account: Member, taxed phase            |                 |                   |\n| New member account: Member, tax free phase         |                 |                   |\n| New member account: Employer sponsor               |                 |                   |\n| New member account: Other                          |                 |                   |\n\n| 6. Member interest switching |\n| ---------------------------- |\n\n| Type of member interest movement               | Member accounts | Members' benefits |\n| ---------------------------------------------- | --------------- | ----------------- |\n| (1)                                            | (2)             | (3)               |\n| Switch from MySuper product to MySuper product |                 |                   |\n| Switch from Choice product to MySuper product  |                 |                   |\n| Switch from MySuper product to Choice product  |                 |                   |\n| Switch from Choice product to Choice product   |                 |                   |\n\nReporting Form SRF 610.1\n\nChanges in Membership Profile\n\nInstructions\n\nThese instructions assist completion of Reporting Form SRF 610.1 Changes in Membership Profile (SRF 610.1). SRF 610.1 collects information on the membership profile of a registrable superannuation entity (RSE). Information reported in SRF 610.1 is required primarily for prudential and publication purposes.\n\nReporting level\n\nSRF 610.1 must be completed for each RSE, defined benefit RSE and eligible rollover fund (ERF).\n\nReporting basis and unit of measurement\n\nReport all items on SRF 610.1 in accordance with the Australian Accounting Standards unless otherwise specified.\n\nItems on SRF 610.1 must be reported as at the beginning and end of the reporting period and in respect of events during the reporting period.\n\nItems on SRF 610.1 are to be reported as thousands of dollars or as whole numbers.\n\nThese instructions specify the reporting basis and unit of measurement that applies to each item.\n\nSpecific instructions\n\nTerms highlighted in bold italics indicate that the definition is provided in these instructions.\n\nMember account movement\n\nItem 1 to item 4 inclusive collect the change in member accounts and corresponding value of members’ benefits. Do not report where member interests in an existing account are transferred to a new type of account within an RSE.\n\nReporting basis: report item 1 as at the beginning of the reporting period; report item 2 and item 3 with respect to events that occurred during the reporting period; report item 4 as at the end of the reporting period.\n\nUnit of measurement: report column 1 as a whole number; report column 2 as thousands of dollars.\n\n  \n\n| Item 1                                 | Report the number and value of members’ benefits of member accounts at the beginning of the reporting period in item 1 column 1 and item 1 column 2, respectively.Report item 1 as equal to member accounts at the end of the reporting period reported in item 4 of the preceding reporting period, for column 1 and column 2 respectively.Report the value of members’ benefits in column 2 as the sum of defined contribution members’ benefits and defined benefit members’ benefits. Do not include unallocated contributions. |\n| -------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Member account                         | Represents a distinct entry recorded in the register of member accounts (or other equivalent mechanism).                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| Defined contribution members' benefits | Represents the present obligation to pay benefits to defined contribution members and beneficiaries. Reference: Australian Accounting Standards.                                                                                                                                                                                                                                                                                                                                                                                    |\n| Defined benefit members' benefits      | Represents the present value of expected future benefit payments to defined benefit members and beneficiaries arising from membership, measured using actuarial assumptions and valuations where appropriate. The concept of defined benefit members’ benefits aligns with the concept of ‘defined benefit member liabilities’ as defined in Australian Accounting Standards.                                                                                                                                                       |\n| Unallocated contributions              | Represents contributions received but not yet allocated to specific member accounts or reserves. Reference: Australian Accounting Standards.                                                                                                                                                                                                                                                                                                                                                                                        |\n\n| Item 2                  | Report the number of new member accounts in item 2 column 1. Report the portion of new member accounts reported in item 2 column 1 which are due to rollovers paid into the RSE, in item 2.1 column 1 and the portion which are due to successor fund transfers in item 2.2 column 1.If the amount of the rollover or successor fund transfer has not yet been transferred, but a new account has been set up or opened, report the new account under item 2.1 or item 2.2, as appropriate. |\n| ----------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Rollover                | Represents an amount that is transferred between superannuation funds, approved deposit funds, deferred annuities or retirement savings accounts. Excludes: successor fund transfers. Reference: SIS Regulations, r. 5.01, r. 6.28 and 6.29.                                                                                                                                                                                                                                                |\n| Successor fund transfer | Represents a transfer of a member’s benefits without the member’s consent from one RSE to a successor fund within the meaning given in r. 1.03 of the SIS Regulations. Reference: SIS Regulations, r. 6.29.                                                                                                                                                                                                                                                                                 |\n\n| Item 3 | Report the number of closed member accounts in item 3 column 1. |\n| ------ | --------------------------------------------------------------- |\n\n| Item 4 | Report the number of member accounts in column 1 and value of members’ benefits in column 2 as the sum of defined contribution members’ benefits and defined benefit members’ benefits. Do not include unallocated contributions.Item 4 column 1 is a derived item. Report the number of member accounts at the end of the reporting period in item 4 column 1 as the sum of member accounts at the beginning of the reporting period reported in item 1 column 1 and new member accounts reported in item 2 column 1, minus closed member accounts reported in item 3 column 1.Report the value of members’ benefits in item 4 column 2 as equal to the sum of members’ benefits reported in item 23.1 and item 23.2 of Reporting Form SRF 320.0 Statement of Financial Position. |\n| ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\nMovement detail\n\nItem 5 collects the types of new member accounts and account closures. Do not report where member interests in an existing account are transferred to a new type of account within an RSE.\n\nReporting basis: report item 5 with respect to events that occurred during the reporting period.\n\nUnit of measurement: report column 2 as a whole number; report column 3 as thousands of dollars.\n\n| Item 5                                             | Report each type of member account movement as a separate line in item 5.Report the type of member account movement in column 1.Report the number of member accounts in column 2.Report the value of members’ benefits in column 3 as the sum of defined contribution members’ benefits and defined benefit members’ benefits for each type of member account movement reported in column 1. Do not include unallocated contributions.The types of member account movement are: account closure: satisfying a condition of release, account closure: consolidation of accounts, account closure: outward rollover, account closure: successor fund transfer, account closure: other exit, new member account: member, taxed phase, new member account: member, tax free phase, new member account: employer sponsor and new member account: other. |\n| -------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Account closure: Satisfying a condition of release | Represents a member account closed where all benefits in that account have been paid to a beneficiary where a condition of release within the meaning given in Schedule 1 of the SIS Regulations is satisfied.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n\n  \n\n| Account closure: Consolidation of accounts | Represents a member account closed where all benefits in that account have been consolidated with another account of the same member in the same RSE.                                                                                                                                                                                                                                             |\n| ------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Account closure: Outward rollover          | Represents a member account closed where all benefits in that account have been rolled out/transferred to another RSE. Exclude: rollovers due to successor fund transfers. Reference: SIS Regulation, r. 1.03.                                                                                                                                                                                    |\n| Account closure: Successor fund transfer   | Represents a member account closed where a member’s benefit is transferred without the member’s consent from one RSE to a successor fund within the meaning given in r. 1.03 of the SIS Regulations. Reference: SIS Regulations, r. 6.29.                                                                                                                                                         |\n| New member account: Member, taxed phase    | Represents a member account created where the member has elected to set up a taxed phase member account and, that is not associated with the member’s employer. Taxed phase represents where the members’ benefits are liable for income tax on earnings due to the members’ benefits being identified as in the ‘accumulation phase’. Reference: ITAA, Division 294, Division 307.               |\n| New member account: Member, tax free phase | Represents a member account created where the member has elected to set up a tax free phase member account and, that is not associated with the member’s employer. Tax free phase represents where the members’ benefits are no longer liable for income tax on earnings due to the members’ benefits being identified as in the ‘retirement phase’. Reference: ITAA, Division 294, Division 307. |\n| New member account: Employer sponsor       | Represents a member account created where the member’s employer is an employer sponsor of the fund. Reference: SIS Act, s. 16(1).                                                                                                                                                                                                                                                                 |\n\nMember interest switching\n\nItem 6 collects the switching activity of member interests, including the value of the switching amount.\n\nReporting basis: report item 6 with respect to events that occurred during the reporting period.\n\nUnit of measurement: report column 2 as a whole number; report column 3 as thousands of dollars.\n\n| Item 6 | Report each type of member interest movement as a separate line in item 6.Report the type of member interest movement in column 1.For each type of member interest movement reported in column 1, report the number of member accounts that have undertaken a switch in column 2.Report the value of members’ benefits that have been switched in column 3 as the sum of defined contribution members’ benefits and defined benefit members’ benefits. Do not include unallocated contributions.The types of member interest movement are: switch from MySuper product to MySuper product, switch from choice product to MySuper product, switch from MySuper product to choice product and switch from choice product to choice product. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Switch | Represents where a member has transferred part or all of the benefits in an account, from one interest to another interest in the same RSE. Reference: SIS Act, s. 10(1).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n\nInterpretation\n\nFor the purposes of these instructions:\n\n-   choice product has the meaning given in section 10(1) of the SIS Act;\n-   defined benefit RSE means an RSE that is a defined benefit fund within the meaning given in Prudential Standard SPS 160 Defined Benefit Matters;\n-   eligible rollover fund (ERF) has the meaning given in section 10(1) of the SIS Act;\n-   ITAA means Income Tax Assessment Act 1997;\n-   MySuper product means a MySuper product within the meaning given in section 10(1) of the SIS Act regardless of whether or not it has a lifecycle investment strategy;\n-   RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act that is not a defined benefit RSE, pooled superannuation trust, ERF, small APRA fund or single member approved deposit fund[\\[5\\]](#_ftn5);\n-   RSE licensee has the meaning given in section 10(1) of the SIS Act;\n-   SIS Act means Superannuation Industry (Supervision) Act 1993; and\n-   SIS Regulations means Superannuation Industry (Supervision) Regulations 1994.\n\n---\n\n[\\[1\\]](#_ftnref1) For the purposes of this Reporting Standard, an ‘RSE licensee’s business operations’ includes all activities as an RSE licensee (including the activities of each RSE of which it is the licensee), and all other activities of the RSE licensee to the extent that they are relevant to, or may impact on, its activities as an RSE licensee. For the avoidance of doubt, if the RSE licensee is trustee of more than one RSE, defined benefit RSE or ERF, the RSE licensee must separately provide the information required by the form for each RSE, defined benefit RSE or ERF within its business operations. An RSE licensee that does not have any RSEs, defined benefit RSEs or ERFs within its business operations is not required to provide information under this Reporting Standard.\n\n[\\[2\\]](#_ftnref2) Refer also to Prudential Standard SPS 310 Audit and Related Matters (SPS 310).\n\n[\\[3\\]](#_ftnref3) Refer to Prudential Standard SPS 510 Governance.\n\n[\\[4\\]](#_ftnref4) For the purposes of this Reporting Standard, ‘pooled superannuation trust’ has the meaning given in section 10(1) of the SIS Act, ‘small APRA fund’ means a superannuation entity that is a regulated superannuation fund, within the meaning of the SIS Act, which has fewer than five members and ‘single member approved deposit fund’ means a superannuation entity that is an approved deposit fund, within the meaning of the SIS Act, and has only one member.\n\n[\\[5\\]](#_ftnref5) For the purposes of these instructions, ‘pooled superannuation trust’ has the meaning given in section 10(1) of the SIS Act, ‘small APRA fund’ means a superannuation entity that is a regulated superannuation fund, within the meaning of the SIS Act, which has fewer than five members and ‘single member approved deposit fund’ means a superannuation entity that is an approved deposit fund, within the meaning of the SIS Act, and has only one member.","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"This instrument revokes the earlier Determination (No. 19 of 2015) and replaces SRS 610.1 with an updated form and instructions effective 1 July 2017. The change is procedural and technical: it updates the reporting standard, form layout and instructions, and re-states the applicable entity coverage and operational requirements. It does not materially broaden the population of entities required to report or add new supervisory purposes beyond APRA’s stated aims of prudential supervision and publication (paras 2–5). Any substantive changes are to data collection detail and operational requirements (electronic submission, auditor assurance, definitions and derived-item links), not to the fundamental scope of APRA’s power to collect membership-profile data under the Financial Sector (Collection of Data) Act."},"complexity_factors":["Document length: Reporting Standard plus 10 pages of form and instructions.","Defined terms: ~12–15 specific definitions in the Interpretation sections (APRA, RSE, RSE licensee, defined benefit RSE, ERF, MySuper, choice product, ITAA, SIS Act, SIS Regulations, year of income, etc.).","Cross-references: multiple external cross‑references to SIS Act, SIS Regulations, Prudential Standards (SPS 160, SPS 310), SRF 320.0 and Australian Accounting Standards.","Conditional rules and discretion: APRA may change reporting frequency or content for particular RSEs (paras 8, 16) and may grant extensions (para 10).","Reporting logic: derived items (e.g. closing accounts computed from opening + new − closed; closing members’ benefits linked to SRF 320.0 items) and distinctions between similar concepts (rollovers vs successor fund transfers, intra-RSE transfers excluded).","Assurance requirement: auditor review and at least a limited assurance engagement consistent with professional standards and SPS 310 (para 11) — adds procedural complexity for auditors and trustees.","Multiple reporting units: obligation applies separately for each RSE, defined benefit RSE and ERF within a licensee’s operations (para 3 and notes).","Submission and authorisation rules: electronic submission via D2A, digital certificates, CEO/CFO authorisation and agent record-retention obligations (paras 6, 13–15)."],"plain_english_summary":"**What this rule does (mechanically)\n\n- Replaces an earlier APRA reporting standard and establishes Reporting Standard SRS 610.1 \"Changes in Membership Profile\" that RSE licensees must use to report membership movements for each registrable superannuation entity (RSE), defined benefit RSE and eligible rollover fund (ERF) they operate (paras 3–5).\n- Requires submission of Form SRF 610.1 (the membership-profile form) for each reporting period (normally each year of income) in electronic format (the 'Direct to APRA' / D2A system, unless APRA notifies another method) and within three months of the end of the year of income (paras 6–9).\n- Specifies the data to be reported on the form: opening and closing member-account counts and members’ benefits; new accounts (including rollovers and successor fund transfers); closed accounts (with categories for types of exit); detailed movement types (account closures, new account types); and switches between product categories (MySuper vs Choice) (form and instructions).\n- Sets reporting conventions: amounts in thousands of dollars or whole numbers, accounting basis per Australian Accounting Standards, and specific derived calculations (for example, closing accounts derived from opening + new − closed; closing members’ benefits linked to SRF 320.0 items) (form instructions).\n- Requires internal controls and auditor review of the systems and processes producing the data (RSE auditor must review and test systems; at least a limited assurance engagement consistent with auditing standards and SPS 310) and requires digital signing by an authorised officer or agent (paras 11–15).\n- Gives APRA discretionary powers to vary reporting frequency or requirements for particular RSEs, grant extensions, and vary the standard in relation to particular licensees (paras 8, 10, 16).\n\nWho this affects\n\n- Primary obligations fall on RSE licensees (trustees/operators of APRA-regulated superannuation funds) in respect of each RSE, defined benefit RSE and ERF they operate (para 3 and Interpretation). Small APRA funds, pooled superannuation trusts and single-member approved deposit funds are excluded from the RSE definition for this form (Interpretation).\n- RSE auditors are explicitly required to test and provide limited assurance on the reporting systems (para 11).\n- Officers who submit the return must be authorised by the RSE licensee’s CEO or CFO and must digitally sign submissions (paras 13–15).\n\nWhy it matters (stated purpose, and the practical trade-offs)\n\n- APRA’s stated purpose for collecting SRF 610.1 is prudential supervision and publication (para 2). That means APRA uses the data to monitor fund membership flows and (potentially) to publish aggregate or fund-level statistics.\n\nTesting that stated purpose against costs and trade-offs:\n\n- Who pays: compliance costs fall on RSE licensees (systems, data extraction, staff time, and the RSE auditor’s assurance work); auditors and trustees incur fees and operational costs to meet the verification and digital-signing requirements (paras 6, 11–15).\n- Who decides and discretionary power: APRA retains discretion to require more frequent or less frequent reporting, to vary the requirements for particular licensees, and to grant extensions — so affected funds face uncertainty about reporting frequency and bespoke data requests (paras 8, 10, 16).\n- Compliance and implementation risk: reliable reporting depends on the RSE’s internal systems and the scope/quality of the auditor’s limited assurance engagement; deficiencies in systems or interpretation (for example, distinguishing rollovers, successor transfers, or intra-RSE account transfers) can cause misreporting (instructions and definitions throughout the form and notes).\n- Incentives and behavioural effects: public or supervisory use of the data creates incentives for funds to improve record-keeping and to monitor account consolidations, rollovers and product switches; it may also create reputational incentives when APRA publishes results (para 2). These are benefits for APRA’s monitoring but are costs to funds in the form of compliance and possible changes to member communications/programmes.\n- Opportunity costs: time and money spent on reporting and assurance are resources diverted from other activities (member services, product design, performance monitoring).\n- Market effects: the standard does not mandate commercial behaviour (it does not direct pricing, investment or product choice) but increased data collection and publication can influence competition indirectly through transparency.\n\nKey operational obligations (short checklist)\n\n- Complete SRF 610.1 for each RSE, defined benefit RSE and ERF you operate (para 3; reporting level instructions).\n- File electronically via D2A (or APRA-notified alternative) within 3 months of year-end, unless APRA specifies otherwise (paras 6–9).\n- Ensure internal systems, procedures and controls are reviewed and tested by the RSE auditor (para 11) and maintain internal authorisation policies (para 12).\n- Obtain digital signature from an authorised officer (CEO or CFO) or an authorised agent and retain a copy of the submitted form (paras 13–15).\n- Be prepared for APRA to vary frequency, content or deadlines for specific RSEs (paras 8, 10, 16).\n\nStatutory anchors and cross-references\n\n- Made under the Financial Sector (Collection of Data) Act 2001 (authority clause). The form’s definitions reference the SIS Act and SIS Regulations, Prudential Standards SPS 160 and SPS 310, and accounting standards (Interpretation and specific instruction notes). Those cross‑references are operational: they determine which entities must report and how items (e.g. defined benefit liabilities) must be measured.\n\nOverall practical effect\n\n- The instrument is an APRA data-collection rule obliging APRA-regulated superannuation trustees to submit a standardised, audited membership-movement return annually (subject to variation). It centralises membership-flow data for supervisory monitoring and publication, while imposing defined data, assurance and procedural obligations on RSE licensees (paras 2–16 and form/instructions)."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":5,"scope_assessment":{"changed":false,"description":"This is a straightforward replacement of a previous reporting standard (No. 19 of 2015) with updated requirements. The scope remains tightly focused on membership profile data collection for prudential supervision purposes, consistent with the original intent of the Financial Sector (Collection of Data) Act 2001 framework."},"complexity_factors":["Moderate cross-referencing to external legislation (SIS Act, SIS Regulations, Income Tax Assessment Act 1997, Australian Accounting Standards, and Prudential Standards SPS 160 and SPS 310)","14 defined terms in the interpretation section, several of which reference definitions in other Acts","Nested conditions for reporting frequency (standard annual reporting vs. APRA-modified periods under paragraph 8)","Multiple exclusions from scope (defined benefit RSEs, pooled superannuation trusts, ERFs, small APRA funds, single member approved deposit funds are excluded from the RSE definition)","Technical accounting concepts requiring actuarial valuations (defined benefit members' benefits, present value calculations)","Specific digital submission requirements with fallback methods","Quality control requirements involving external audit assurance (limited assurance engagement standards)","Derived calculation requirements (Item 4 column 1 must be calculated as a mathematical function of other items)"],"plain_english_summary":"This APRA reporting standard requires RSE licensees to collect and submit annual data on membership and money movements in their super funds — who joins, leaves, closes accounts, or switches investment options — so APRA can supervise prudential risk and publish industry statistics. \n\nIt applies to most APRA-regulated super funds (not very small or certain pooled/single-member vehicles) and sets electronic reporting, auditor review, and authorised-officer sign-off expectations."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-10-of-2017","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-10-of-2017/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-10-of-2017/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-10-of-2017/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-10-of-2017/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-10-of-2017/documents"}}