{"id":"F2015L00817","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2015 - SRS 540.0 - Fees","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-14-of-2015-srs-540-0-fees","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":128610,"registerId":"commonwealth-F2015L00817-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting level","sectionType":"part","heading":"Reporting level","content":"# Reporting level\n\nSRF 540.0 must be completed for each registrable superannuation entity (RSE), defined benefit RSE, pooled superannuation trust (PST), eligible rollover fund (ERF) and MySuper product.\n\nReporting basis and unit of measurement\n\nReport all items on SRF 540.0 in accordance with the Australian Accounting Standards unless otherwise specified.\n\nItems on SRF 540.0 must be reported with respect to transactions that occurred during the reporting period.\n\nItems on SRF 540.0 are to be reported as thousands of dollars.","sortOrder":0},{"sectionNumber":"Specific instructions","sectionType":"part","heading":"Specific instructions","content":"# Specific instructions\n\nTerms highlighted in bold italics indicate that the definition is provided in these instructions.\n\nFees paid\n\nItem 1 collects information about each type of fee, excluding activity fees, and the manner in which it was paid.\n\n| Item 1                       | Report the aggregate amount of each fee, excluding activity fees, as a separate line in item 1. Activity fees must be reported in item 3. Where a fee has been paid via one or more sources, report a separate line for each source of payment for that fee.Report the fee type in column 1, the source of payment in column 2 and the value of fees paid, gross of any fee rebate, in column 3.Where the source of payment is not listed in item 1 column 2 report the fee in item 1.1. Report the fee type in column 1, a description of the source of payment in column 2 and the value of fees paid column 3; otherwise leave item 1.1 blank.The fee types are: administration fee, advice fee, exit fee, insurance fee, investment fee, switching fee and ‘other fee’.The sources of payment are: fee paid by member, fee paid by employer-sponsor, fee paid by reserve and fee paid by RSE licensee. |\n| ---------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Activity fee                 | Represents a fee charged to a member that relates to an activity of an RSE licensee that is engaged in at the request, or with the consent, or a member or that relates to a member and is required by law. Reference: SIS Act, s. 29V(7).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| Administration fee           | Represents a fee charged to a member, gross of tax obligations, that relates to the administration or operation of the fund. Reference: SIS Act, s. 29V(2).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| Advice fee                   | Represents a fee charged to a member, gross of tax obligations, that relates to the provision of financial product advice to a member by the RSE licensee and which is not incorporated into another fee. Reference: SIS Act, s. 29V(8).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| Exit fee                     | Represents a fee charged to a member to recover the costs of disposing of all or part of members' interests in a fund. Reference: SIS Act, s. 29V(6).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| Insurance fee                | Represents a fee charged to a member that relates directly to insurance premiums paid by the RSE licensee in relation to a member or members. Excludes: insurance contracts where the benefit to the member is based on the performance of an investment rather than the realisation of a risk. Reference: SIS Act, s. 29V(9).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| Investment fee               | Represents a fee charged to a member, gross of tax obligations, that relates to the investment of the assets of the entity. Reference: SIS Act, s. 29V(3).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| Switching fee                | Represents a fee charged to a member to recover costs of switching all or part of members' interests within the fund. Reference: SIS Act, s. 29V(5).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| Fee paid by member           | Represents where the fee charged to the member has been paid directly either as a deduction from the member's account, member's contributions or from the investment return before crediting the member's account balance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| Fee paid by employer sponsor | Represents where the employer-sponsor, within the meaning given in s.16(1) of the SIS Act, pays the fee. Include: fees paid by way of an employer contribution that has not been allocated to member accounts, and, fees paid directly by an employer to a service provider without passing through the RSE.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| Fee paid by reserve          | Represents where the fee is paid from a reserve with the RSE.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n\n  \n\n| Fee paid by RSE licensee | Represents where the RSE licensee pays the fee, either as a payment into the RSE by the RSE licensee or directly by the RSE licensee to a service provider without passing through the RSE. |\n| ------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Fee rebate               | Represents a rebate received against fees charged to members.                                                                                                                               |\n\nFees rebates and fee discounts\n\nItem 2 collects information about any fee rebates or fee discounts for each type of fee charged, excluding activity fees.\n\n| Item 2         | Report each fee, excluding activity fees, to which a fee rebate or fee discount applies as a separate line in item 2. Activity fees must be reported in item 4. If there were no fee rebates or fee discounts for any fee type, leave item 2 blank.Report aggregate fee rebates and aggregate fee discounts for each fee on separate lines.Report the fee type in column 1, a description of the fee rebate or fee discount in column 2, the number of member accounts which received the fee rebate or fee discount in column 3 and the aggregate value of the fee rebate or fee discount applied to the member accounts in column 3, in column 4.The fee types are: administration fee, advice fee, exit fee, insurance fee, investment fee, switching fee and ‘other fee’. |\n| -------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Fee discount   | Represents a discount applied against fees charged to members.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| Member account | Represents a distinct entry recorded in the register of member accounts (or other equivalent mechanism).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n\nActivity fees\n\nItem 3 collects each activity fee paid and the manner in which it was paid.\n\n| Item 3 | Report the aggregate amount of each activity fee as a separate line in item 3. Where a fee has been paid via one or more sources, report a separate line for each source of payment for that fee.Report a description of the activity fee in item 3 column 1.If the activity fee is charged in relation to the provision of financial product advice, report ‘yes’ in item 3 column 2; otherwise, report ‘no’.Report the source of payment in item 3 column 3, in respect of the type of fee paid reported in item 3 column 1.Report the value of fees paid by each source, gross of any fee rebate, in item 3 column 4.Where the source of payment is not listed in item 3 column 3 report the fee in item 3.1. Report a description of the activity fee in column 1. If the activity fee is charged in relation to the provision of financial product advice, report ‘yes’ in column 2; otherwise, report ‘no’. Report a description of the source of payment in column 3, in respect of the type of fee reported in column 1. Report the value of fees paid by each source, gross of any fee rebate, in column 4.The sources of payment are: fee paid by member, fee paid by employer-sponsor, fee paid by reserve and fee paid by RSE licensee. |\n| ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\nActivity fee rebates and discounts\n\nItem 4 collects fee rebates and fee discounts applied to each activity fee paid.\n\n| Item 4 | Report each activity fee to which a fee rebate or fee discount applies as a separate line in item 4. If there were no fee rebates or fee discounts for any activity fees, leave item 4 blank.Report aggregate fee rebates and aggregate fee discounts for each activity fee on separate lines.Report the same description of the activity fee in item 4 column 1 as reported in item 3 column 1 or item 3.1 column 1, as relevant. Report a description of the fee rebate or fee discount in column 2, the number of member accounts which received the fee rebate or fee discount in column 3 and the aggregate value of the fee rebate or fee discount applied to the member accounts in column 3, in column 4. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\nInterpretation\n\nFor the purposes of these instructions:\n\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-   financial product advice has the meaning given in s. 766B of the Corporations Act 2001;\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 (within the meaning given in section 29TC(2) of the SIS Act);\n-   pooled superannuation trust (PST) has the meaning given in section 10(1) of the SIS Act;\n-   RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act that is not a defined benefit RSE, PST, 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.","sortOrder":1}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"This appears to be a standard reporting determination that matches its original purpose. It establishes granular fee reporting requirements for superannuation entities, which aligns with the broader Financial Sector (Collection of Data) Act framework. No evidence of scope creep beyond the original data collection mandate."},"complexity_factors":["Extensive cross-referencing to external legislation (SIS Act, Corporations Act 2001, Prudential Standard SPS 160, Australian Accounting Standards)","Nested reporting requirements with multiple conditional paths (e.g., 'if source not listed, use item 1.1; otherwise leave blank')","Granular categorisation of 7 distinct fee types plus 'other', with separate treatment for activity fees","Four different payment sources requiring separate line items when multiple sources apply","Dual reporting tracks for standard fees (Items 1-2) versus activity fees (Items 3-4) with parallel but slightly different column structures","9 defined terms in the interpretation section, several referencing external statutory definitions","Specific exclusions and inclusions (e.g., insurance contracts based on investment performance excluded from insurance fees)","Requirement to report gross of rebates in payment items but separately report rebates in subsequent items, creating reconciliation complexity"],"plain_english_summary":"This reporting standard tells regulated superannuation funds (RSEs, defined‑benefit funds, PSTs, ERFs and MySuper products) how to report member fee information to APRA using SRF 540.0. It requires funds to disclose detailed fee amounts, who bore them, any rebates and activity‑based charges, using prescribed accounting rules and units. The data helps APRA monitor fee fairness, compare costs across funds, and improve transparency in Australia’s multi‑trillion dollar super system."},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":false,"description":"Scope is defined in the instrument: it applies to each RSE, defined benefit RSE, pooled superannuation trust, eligible rollover fund and MySuper product. The text does not indicate an alteration of that coverage."},"complexity_factors":["Multiple reporting entities and per‑entity requirement: SRF 540.0 must be completed for each RSE, defined benefit RSE, PST, ERF and MySuper product (Reporting level).","Granular fee classification: separate categories for administration, advice, exit, insurance, investment, switching, activity and 'other' fees (Item 1; definitions referencing SIS Act s.29V subsections).","Payment‑source breakdown: fees must be reported by source (fee paid by member, employer‑sponsor, reserve, RSE licensee) with separate lines when a fee has multiple sources (Item 1 and Item 3).","Gross reporting plus separate rebates: fees reported gross of rebates while rebates/discounts must be reported separately and include number of member accounts (Item 1; Item 2; Item 4).","Cross‑references and definitional dependencies: relies on Australian Accounting Standards and multiple SIS Act definitions (e.g. s.29V, s.16(1), s.29TC(2)); implementers must map statutory terms to internal records.","Unit and timing constraints: all items to be reported as thousands of dollars and with respect to transactions occurring during the reporting period (Reporting basis and unit of measurement).","Administrative mapping edge cases: provisions for unlisted payment sources requiring reporting in item 1.1 / 3.1 increase data‑management tasks and judgment calls on classification."],"plain_english_summary":"Requires registrable superannuation entities (RSEs), defined‑benefit RSEs, pooled superannuation trusts, eligible rollover funds and MySuper products to complete SRF 540.0 each reporting period. Funds must report fees (in thousands of dollars) by type and by who paid them, separately record activity fees, and separately report fee rebates and discounts, using Australian Accounting Standards for measurement."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-14-of-2015-srs-540-0-fees","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-14-of-2015-srs-540-0-fees/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-14-of-2015-srs-540-0-fees/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-14-of-2015-srs-540-0-fees/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-14-of-2015-srs-540-0-fees/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-14-of-2015-srs-540-0-fees/documents"}}