{"id":"F2023L00581","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 47 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-47-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104227,"registerId":"commonwealth-F2023L00581-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard SRS 706.0","sectionType":"part","heading":"Reporting Standard SRS 706.0","content":"![Commonwealth Coat of Arms of Australia ](image.001.png)\n\nFinancial Sector (Collection of Data) (reporting standard) determination No. 47 of 2023\n\nReporting Standard SRS 706.0 Fees and Costs Disclosed\n\nFinancial Sector (Collection of Data) Act 2001\n\nI, Michael Murphy, 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. 22 of 2021, including Reporting Standard SRS 706.0 Fees and Costs made under that Determination; and\n\n(b) determine Reporting Standard SRS 706.0 Fees and Costs Disclosed, 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 the day it is registered on the Federal Register of Legislation.\n\nThis instrument commences upon registration on the Federal Register of Legislation.\n\nDated: 23 May 2023\n\nMichael Murphy\n\nActing Chief Data Officer\n\nTechnology and Data Division\n\nInterpretation\n\nIn this Determination:\n\nAPRA means the Australian Prudential Regulation Authority.\n\nFederal Register of Legislation means the register established under section 15A of the Legislation Act 2003.\n\nfinancial sector entity has the meaning given by section 5 of the Act.\n\nSchedule\n\nReporting Standard SRS 706.0 Fees and Costs Disclosed comprises the document commencing on the following page.\n\n \n\n![Commonwealth Coat of Arms of Australia](image.002.png)\n\n# Reporting Standard SRS 706.0\n\n# Fees and Costs Disclosed\n\n## Objective of this reporting standard\n\nThis Reporting Standard sets out requirements for the provision of information to APRA relating to the disclosed fees and costs of superannuation products, investment menus and investment options.\n\nIt includes Reporting Form SRF 706.0 Fees and Costs Disclosed and associated specific instructions.\n\n### Authority\n\n1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\n### Purpose\n\n2. Information collected under this Reporting Standard is used by APRA for the purposes of prudential supervision and publication. It may also be used by the Australian Securities and Investments Commission.\n\n### Application\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\n### Commencement\n\n4. This Reporting Standard applies to reporting periods ending on and after 30 June 2023.\n\n### Reporting periods\n\n5. Reporting periods under this Reporting Standard are each year ending 30 June.\n\nInformation required\n\n6. RSE licensees must provide information required by this Reporting Standard in respect of:\n\n(a) 30 June 2024; and\n\n(b) each subsequent 30 June.\n\n7. An RSE licensee to which this Reporting Standard applies must provide the information required by paragraph 6, within 28 calendar days after the end of the relevant reporting day.\n\n8. An RSE licensee to which this Reporting Standard applies must provide the information required by paragraph 6 on a forward-looking basis.\n\nAd-hoc information required\n\n9. Where an RSE licensee makes a change to information relating to fees and costs that the RSE licensee is required to disclose to members, resulting in a change to information reported under this Reporting Standard, on or after 1 July 2023, the RSE licensee must provide updated information required by this Reporting Standard as at the date of the change, within 28 calendar days after the end of the calendar quarter in which the change occurred for the periods ending 30 September, 31 December and 31 March.\n\nQuarterly attestation required\n\n10. An RSE licensee must provide APRA an attestation that the information it last provided APRA under this Reporting Standard was still accurate as at the end of every calendar quarter (i.e. the periods ending 30 September, 31 December, 31 March and 30 June each year) or that the RSE Licensee has, or will be, providing updated information to APRA in accordance with paragraph 9.\n\n11. An RSE licensee to which this Reporting Standard applies must provide information required under paragraph 10, within 28 days after the end of each calendar quarter.\n\nNotices\n\n12. 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 6, APRA may, by notice in writing, change the reporting day for the particular RSE, defined benefit RSE, PST or ERF.\n\n13. Where APRA has changed the reporting day under paragraph 12, the RSE licensee must provide the relevant information within the time specified by the notice in writing.\n\n14. APRA may grant, in writing, an RSE licensee an extension of a due date with respect to one or more RSEs, defined benefit RSEs, PSTs or ERFs within its business operations, in which case the new due date for the provision of the information will be the due date on the specified notice of extension.\n\nNote: For the avoidance of doubt, if the due date falls on a day other than a usual business day, an RSE licensee is nonetheless required to submit the information required no later than the due date.\n\n### Form and method of submission\n\n15. The information required by this Reporting Standard must be given to APRA in electronic format using an electronic method available on APRA’s website or by a method notified by APRA prior to submission.\n\n### Quality control\n\n16. 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 Prudential Standard SPS 310 Audit and Related Matters (SPS 310).\n\n17. 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, procedures and controls for the authorisation of information submitted to APRA is in place.\n\n### Authorisation\n\n18. When an officer or agent of an RSE licensee provides the information required by this Reporting Standard using an electronic format, the officer or agent must digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n19. If the information required by this Reporting Standard is provided by an agent who submits the information 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\n20. An officer or agent of an RSE licensee who submits the information under this Reporting Standard for, or 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\n### Minor alterations to forms and instructions\n\n21. APRA may make minor variations to:\n\n(a) a form that is part of this Reporting Standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n(b) the instructions to a form, to clarify their application to the form,\n\nwithout changing any substantive requirement in the form or instructions.\n\n22. If APRA makes such a variation, it must notify each RSE licensee that is required to report under this Reporting Standard.\n\nTransition\n\n23. An RSE licensee to which this Reporting Standard applies must report under the old reporting standard in respect of a transitional reporting period. For these purposes:\n\nold reporting standard means the reporting standard revoked in the determination making this Reporting Standard; and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n(a) that ended before 1 July 2023; and\n\n(b) in relation to which the RSE licensee was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.\n\nNote: For the avoidance of doubt, if an RSE licensee was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the RSE licensee is still required to provide any overdue reporting documents in accordance with the old reporting standard\n\n### Interpretation\n\n24. 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 has the meaning of a defined benefit fund in subsection 10(1) of the SIS Act.\n\ndisclosure means a disclosure made pursuant to Division 2 or Division 3 of Part 7.9 of the Corporations Act 2001.\n\ndue date means the relevant due date under paragraph 7, 9, 11, or if applicable, paragraph 14 of this Reporting Standard.\n\neligible rollover fund (ERF) has the meaning given in subsection 10(1) of the SIS Act.\n\ninvestment menu has the meaning given in SRS 101.0.\n\ninvestment option has the meaning given in SRS 101.0.\n\nan investment pathway is provided by a superannuation product, or an investment menu, to an investment option, if it is possible for a member to invest in the investment option through that superannuation product or investment menu.\n\nMySuper product has the meaning given in subsection 10(1) of the SIS Act.\n\nreporting day means a day mentioned in paragraph 6 or, if applicable, paragraph 12 of this Reporting Standard.\n\nRSE means a registrable superannuation entity as defined in subsection 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 subsection 10(1) of the SIS Act.\n\nSIS Act means Superannuation Industry (Supervision) Act 1993.\n\nSRS 101.0 means Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections.\n\nsuperannuation product has the meaning given in SRS 101.0.\n\n25. In this Reporting Standard, unless the contrary intention appears, a reference to an Act, Regulation, Prudential Standard, Reporting Standard, Australian Accounting Standard or Auditing Standard is a reference to the instrument as in force or existing from time to time.\n\n26. Where this Reporting Standard provides for APRA to exercise a power or discretion, this power or discretion is to be exercised in writing.","sortOrder":0},{"sectionNumber":"Fees and Costs Disclosed","sectionType":"part","heading":"Fees and Costs Disclosed","content":"# Fees and Costs Disclosed\n\n## Objective of this reporting standard\n\nThis Reporting Standard sets out requirements for the provision of information to APRA relating to the disclosed fees and costs of superannuation products, investment menus and investment options.\n\nIt includes Reporting Form SRF 706.0 Fees and Costs Disclosed and associated specific instructions.\n\n### Authority\n\n1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\n### Purpose\n\n2. Information collected under this Reporting Standard is used by APRA for the purposes of prudential supervision and publication. It may also be used by the Australian Securities and Investments Commission.\n\n### Application\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\n### Commencement\n\n4. This Reporting Standard applies to reporting periods ending on and after 30 June 2023.\n\n### Reporting periods\n\n5. Reporting periods under this Reporting Standard are each year ending 30 June.\n\nInformation required\n\n6. RSE licensees must provide information required by this Reporting Standard in respect of:\n\n(a) 30 June 2024; and\n\n(b) each subsequent 30 June.\n\n7. An RSE licensee to which this Reporting Standard applies must provide the information required by paragraph 6, within 28 calendar days after the end of the relevant reporting day.\n\n8. An RSE licensee to which this Reporting Standard applies must provide the information required by paragraph 6 on a forward-looking basis.\n\nAd-hoc information required\n\n9. Where an RSE licensee makes a change to information relating to fees and costs that the RSE licensee is required to disclose to members, resulting in a change to information reported under this Reporting Standard, on or after 1 July 2023, the RSE licensee must provide updated information required by this Reporting Standard as at the date of the change, within 28 calendar days after the end of the calendar quarter in which the change occurred for the periods ending 30 September, 31 December and 31 March.\n\nQuarterly attestation required\n\n10. An RSE licensee must provide APRA an attestation that the information it last provided APRA under this Reporting Standard was still accurate as at the end of every calendar quarter (i.e. the periods ending 30 September, 31 December, 31 March and 30 June each year) or that the RSE Licensee has, or will be, providing updated information to APRA in accordance with paragraph 9.\n\n11. An RSE licensee to which this Reporting Standard applies must provide information required under paragraph 10, within 28 days after the end of each calendar quarter.\n\nNotices\n\n12. 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 6, APRA may, by notice in writing, change the reporting day for the particular RSE, defined benefit RSE, PST or ERF.\n\n13. Where APRA has changed the reporting day under paragraph 12, the RSE licensee must provide the relevant information within the time specified by the notice in writing.\n\n14. APRA may grant, in writing, an RSE licensee an extension of a due date with respect to one or more RSEs, defined benefit RSEs, PSTs or ERFs within its business operations, in which case the new due date for the provision of the information will be the due date on the specified notice of extension.\n\nNote: For the avoidance of doubt, if the due date falls on a day other than a usual business day, an RSE licensee is nonetheless required to submit the information required no later than the due date.\n\n### Form and method of submission\n\n15. The information required by this Reporting Standard must be given to APRA in electronic format using an electronic method available on APRA’s website or by a method notified by APRA prior to submission.\n\n### Quality control\n\n16. 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 Prudential Standard SPS 310 Audit and Related Matters (SPS 310).\n\n17. 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, procedures and controls for the authorisation of information submitted to APRA is in place.\n\n### Authorisation\n\n18. When an officer or agent of an RSE licensee provides the information required by this Reporting Standard using an electronic format, the officer or agent must digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n19. If the information required by this Reporting Standard is provided by an agent who submits the information 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\n20. An officer or agent of an RSE licensee who submits the information under this Reporting Standard for, or 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\n### Minor alterations to forms and instructions\n\n21. APRA may make minor variations to:\n\n(a) a form that is part of this Reporting Standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n(b) the instructions to a form, to clarify their application to the form,\n\nwithout changing any substantive requirement in the form or instructions.\n\n22. If APRA makes such a variation, it must notify each RSE licensee that is required to report under this Reporting Standard.\n\nTransition\n\n23. An RSE licensee to which this Reporting Standard applies must report under the old reporting standard in respect of a transitional reporting period. For these purposes:\n\nold reporting standard means the reporting standard revoked in the determination making this Reporting Standard; and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n(a) that ended before 1 July 2023; and\n\n(b) in relation to which the RSE licensee was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.\n\nNote: For the avoidance of doubt, if an RSE licensee was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the RSE licensee is still required to provide any overdue reporting documents in accordance with the old reporting standard\n\n### Interpretation\n\n24. 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 has the meaning of a defined benefit fund in subsection 10(1) of the SIS Act.\n\ndisclosure means a disclosure made pursuant to Division 2 or Division 3 of Part 7.9 of the Corporations Act 2001.\n\ndue date means the relevant due date under paragraph 7, 9, 11, or if applicable, paragraph 14 of this Reporting Standard.\n\neligible rollover fund (ERF) has the meaning given in subsection 10(1) of the SIS Act.\n\ninvestment menu has the meaning given in SRS 101.0.\n\ninvestment option has the meaning given in SRS 101.0.\n\nan investment pathway is provided by a superannuation product, or an investment menu, to an investment option, if it is possible for a member to invest in the investment option through that superannuation product or investment menu.\n\nMySuper product has the meaning given in subsection 10(1) of the SIS Act.\n\nreporting day means a day mentioned in paragraph 6 or, if applicable, paragraph 12 of this Reporting Standard.\n\nRSE means a registrable superannuation entity as defined in subsection 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 subsection 10(1) of the SIS Act.\n\nSIS Act means Superannuation Industry (Supervision) Act 1993.\n\nSRS 101.0 means Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections.\n\nsuperannuation product has the meaning given in SRS 101.0.\n\n25. In this Reporting Standard, unless the contrary intention appears, a reference to an Act, Regulation, Prudential Standard, Reporting Standard, Australian Accounting Standard or Auditing Standard is a reference to the instrument as in force or existing from time to time.\n\n26. Where this Reporting Standard provides for APRA to exercise a power or discretion, this power or discretion is to be exercised in writing.","sortOrder":1},{"sectionNumber":"Objective of this reporting standard","sectionType":"part","heading":"Objective of this reporting standard","content":"## Objective of this reporting standard\n\nThis Reporting Standard sets out requirements for the provision of information to APRA relating to the disclosed fees and costs of superannuation products, investment menus and investment options.\n\nIt includes Reporting Form SRF 706.0 Fees and Costs Disclosed and associated specific instructions.","sortOrder":2},{"sectionNumber":"Authority","sectionType":"division","heading":"Authority","content":"### Authority\n\n1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.","sortOrder":3},{"sectionNumber":"Purpose","sectionType":"division","heading":"Purpose","content":"### Purpose\n\n2. Information collected under this Reporting Standard is used by APRA for the purposes of prudential supervision and publication. It may also be used by the Australian Securities and Investments Commission.","sortOrder":4},{"sectionNumber":"Application","sectionType":"division","heading":"Application","content":"### Application\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).","sortOrder":5},{"sectionNumber":"Commencement","sectionType":"division","heading":"Commencement","content":"### Commencement\n\n4. This Reporting Standard applies to reporting periods ending on and after 30 June 2023.","sortOrder":6},{"sectionNumber":"Reporting periods","sectionType":"division","heading":"Reporting periods","content":"### Reporting periods\n\n5. Reporting periods under this Reporting Standard are each year ending 30 June.\n\nInformation required\n\n6. RSE licensees must provide information required by this Reporting Standard in respect of:\n\n(a) 30 June 2024; and\n\n(b) each subsequent 30 June.\n\n7. An RSE licensee to which this Reporting Standard applies must provide the information required by paragraph 6, within 28 calendar days after the end of the relevant reporting day.\n\n8. An RSE licensee to which this Reporting Standard applies must provide the information required by paragraph 6 on a forward-looking basis.\n\nAd-hoc information required\n\n9. Where an RSE licensee makes a change to information relating to fees and costs that the RSE licensee is required to disclose to members, resulting in a change to information reported under this Reporting Standard, on or after 1 July 2023, the RSE licensee must provide updated information required by this Reporting Standard as at the date of the change, within 28 calendar days after the end of the calendar quarter in which the change occurred for the periods ending 30 September, 31 December and 31 March.\n\nQuarterly attestation required\n\n10. An RSE licensee must provide APRA an attestation that the information it last provided APRA under this Reporting Standard was still accurate as at the end of every calendar quarter (i.e. the periods ending 30 September, 31 December, 31 March and 30 June each year) or that the RSE Licensee has, or will be, providing updated information to APRA in accordance with paragraph 9.\n\n11. An RSE licensee to which this Reporting Standard applies must provide information required under paragraph 10, within 28 days after the end of each calendar quarter.\n\nNotices\n\n12. 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 6, APRA may, by notice in writing, change the reporting day for the particular RSE, defined benefit RSE, PST or ERF.\n\n13. Where APRA has changed the reporting day under paragraph 12, the RSE licensee must provide the relevant information within the time specified by the notice in writing.\n\n14. APRA may grant, in writing, an RSE licensee an extension of a due date with respect to one or more RSEs, defined benefit RSEs, PSTs or ERFs within its business operations, in which case the new due date for the provision of the information will be the due date on the specified notice of extension.\n\nNote: For the avoidance of doubt, if the due date falls on a day other than a usual business day, an RSE licensee is nonetheless required to submit the information required no later than the due date.","sortOrder":7},{"sectionNumber":"Form and method of submission","sectionType":"division","heading":"Form and method of submission","content":"### Form and method of submission\n\n15. The information required by this Reporting Standard must be given to APRA in electronic format using an electronic method available on APRA’s website or by a method notified by APRA prior to submission.","sortOrder":8},{"sectionNumber":"Quality control","sectionType":"division","heading":"Quality control","content":"### Quality control\n\n16. 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 Prudential Standard SPS 310 Audit and Related Matters (SPS 310).\n\n17. 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, procedures and controls for the authorisation of information submitted to APRA is in place.","sortOrder":9},{"sectionNumber":"Authorisation","sectionType":"division","heading":"Authorisation","content":"### Authorisation\n\n18. When an officer or agent of an RSE licensee provides the information required by this Reporting Standard using an electronic format, the officer or agent must digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n19. If the information required by this Reporting Standard is provided by an agent who submits the information 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\n20. An officer or agent of an RSE licensee who submits the information under this Reporting Standard for, or 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.","sortOrder":10},{"sectionNumber":"Minor alterations to forms and instructi","sectionType":"division","heading":"Minor alterations to forms and instructions","content":"### Minor alterations to forms and instructions\n\n21. APRA may make minor variations to:\n\n(a) a form that is part of this Reporting Standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n(b) the instructions to a form, to clarify their application to the form,\n\nwithout changing any substantive requirement in the form or instructions.\n\n22. If APRA makes such a variation, it must notify each RSE licensee that is required to report under this Reporting Standard.\n\nTransition\n\n23. An RSE licensee to which this Reporting Standard applies must report under the old reporting standard in respect of a transitional reporting period. For these purposes:\n\nold reporting standard means the reporting standard revoked in the determination making this Reporting Standard; and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n(a) that ended before 1 July 2023; and\n\n(b) in relation to which the RSE licensee was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.\n\nNote: For the avoidance of doubt, if an RSE licensee was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the RSE licensee is still required to provide any overdue reporting documents in accordance with the old reporting standard","sortOrder":11},{"sectionNumber":"Interpretation","sectionType":"division","heading":"Interpretation","content":"### Interpretation\n\n24. 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 has the meaning of a defined benefit fund in subsection 10(1) of the SIS Act.\n\ndisclosure means a disclosure made pursuant to Division 2 or Division 3 of Part 7.9 of the Corporations Act 2001.\n\ndue date means the relevant due date under paragraph 7, 9, 11, or if applicable, paragraph 14 of this Reporting Standard.\n\neligible rollover fund (ERF) has the meaning given in subsection 10(1) of the SIS Act.\n\ninvestment menu has the meaning given in SRS 101.0.\n\ninvestment option has the meaning given in SRS 101.0.\n\nan investment pathway is provided by a superannuation product, or an investment menu, to an investment option, if it is possible for a member to invest in the investment option through that superannuation product or investment menu.\n\nMySuper product has the meaning given in subsection 10(1) of the SIS Act.\n\nreporting day means a day mentioned in paragraph 6 or, if applicable, paragraph 12 of this Reporting Standard.\n\nRSE means a registrable superannuation entity as defined in subsection 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 subsection 10(1) of the SIS Act.\n\nSIS Act means Superannuation Industry (Supervision) Act 1993.\n\nSRS 101.0 means Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections.\n\nsuperannuation product has the meaning given in SRS 101.0.\n\n25. In this Reporting Standard, unless the contrary intention appears, a reference to an Act, Regulation, Prudential Standard, Reporting Standard, Australian Accounting Standard or Auditing Standard is a reference to the instrument as in force or existing from time to time.\n\n26. Where this Reporting Standard provides for APRA to exercise a power or discretion, this power or discretion is to be exercised in writing.","sortOrder":12},{"sectionNumber":"Reporting Form SRF 706.0","sectionType":"part","heading":"Reporting Form SRF 706.0","content":"# Reporting Form SRF 706.0\n\n# Fees and Costs Disclosed\n\n# Instruction Guide\n\nThis instruction guide is designed to assist in the completion of Reporting Form SRF 706.0 Fees and Costs Disclosed (SRF 706.0).\n\n## General directions and notes\n\n### Reporting level\n\nSRF 706.0 must be completed for each superannuation product, investment menu and investment option within each RSE, defined benefit RSE and eligible rollover fund (ERF) within its business operations excluding the following:\n\n investment options which are permitted to be aggregated in Table 3 of Reporting Form SRF 605.0 RSE Structure (SRF 605.0);\n investment options which solely underlie defined benefits;\n investment options which are reported on SRF 605.0 under investment option category Annuity;\n products which are reported on SRF 605.0 under the Superannuation Product Category Type of ‘Insurance Only’ or ‘Whole of Life or Endowment’; and\n\n investment options which solely underlie products with the Superannuation Product Category Type of ‘Insurance Only’ or ‘Whole of Life or Endowment’.\n\nReport fees and costs for the superannuation product, investment menu or investment option at which they arise or are incurred.\n\nRSE licensees need to determine the appropriate reporting level for each of the applicable fees and costs depending on the structure of the RSE, defined benefit RSE and ERF.\n\nFees and costs may be incurred at each RSE structure level, but may vary depending on the combination of RSE structure levels a member is in.\n\nFor example, it is expected that administration fees will generally be reported at a superannuation product level, platform fees may sometimes be reported at the investment menu level, while investment management fees will generally be reported at the investment option level. The investment management fee for an investment option may vary depending on which superannuation product the member is invested through.\n\nWhere the fee or cost is applicable to all members in the RSE structure level, the RSE licensee must report data for that RSE structure level and report ‘ALL’ for the remaining RSE structure levels.\n\nWhere the fee or cost varies depending on the combination of RSE structure levels, the RSE licensee must report data for each relevant combination of superannuation product, investment menu and investment option.\n\nFor example, an administration fee that applies across all investment menus and investment options within a superannuation product would be identified with the relevant superannuation product identifier to which it applies. The investment menu identifier and investment option identifier would be reported as ‘ALL’.\n\n### Reporting tables\n\nTables described in this reporting form list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\nThe Unique identifier column indicates which field or fields form the primary key of the table. Where a field has ‘Y’ in the Unique identifier column, this denotes that this field forms part of the primary key for the table. A blank cell in the Unique identifier column means that the field does not form part of the primary key for the table. Any specific combination of values in the fields that form the primary key of a table must not appear on more than one row in that table when reported.\n\n### Reporting basis and unit of measurement\n\nSRF 706.0 captures all fees and costs that are proposed to be charged to a member or would otherwise affect member balances. It includes all standard and customised fee structures, such as fees and costs that would appear in the Product Disclosure Statement (PDS) for the superannuation product, and fees and costs relating to accessible products available on platform pursuant to the PDS for those accessible products.\n\nUnless otherwise instructed, report all items on SRF 706.0 in accordance with the RG 97 version indicated in SRF 605.0.\n\nAll fees and costs reported on SRF 706.0 must be reported ‘gross of tax obligations’ where ‘gross of tax obligations’ refers to gross of income tax, GST and stamp duty.\n\nThis means the fees and costs must be reported prior to taking into account any benefit of a tax deduction relating to a fee that is passed on to a member either as a reduction in tax on contributions or through the deduction of a fee that is lower than what is reported to take account of the tax deduction.\n\nAmounts in SRF 706.0 are to be reported as whole dollars, dollars and cents on a per member basis, or percentages. Percentages should be reported as an unconverted number to four decimal places. For example, 12.3456 per cent is to be reported as 0.123456.\n\nItems on SRF 706.0 must be reported as at the reporting day.\n\n### Definitions\n\nTerms highlighted in bold italics indicate that the definition is provided in Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections (SRS 101.0).\n\nSpecific instructions\n\n### Table 1: Fees and costs disclosed\n\nReport Table 1 as at the end of the reporting day. Where fees and costs vary according to the combination of fees and costs arrangement, superannuation product, investment menu or investment option, indicate this by use of the appropriate identifier in relevant columns, otherwise make use of ‘ALL’ as described above.\n\nAll fees and costs data under SRS 706.0 should be reported as the annual fee disclosed or the fee per activity disclosed as at the reporting date. Where a fee or cost is calculated or charged more frequently than annually, the RSE licensee should report the calculation frequency in column 10, and the charge frequency in column 11. The RSE licensee should report the percentage or dollar charge in column 17 or 20 as the fee or cost per annum regardless of the calculation or charge frequency. Where a fee or cost is calculated or charged per activity, the RSE licensee should report the percentage or dollar charge in column 17 or 20 as the fee or cost per activity\n\n```html\n

Column

Field name

Unique identifier

Applicable to

Valid values

Description

1

Fees And Costs Arrangement Identifier

Y

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the fees and costs arrangement identifier that the fee or cost relates to. The fees and costs arrangement identifier must correspond to a fees and costs arrangement identifier reported in SRF 605.0.

2

Superannuation Product Identifier

Y

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the superannuation product identifier that the fee or cost relates to. The superannuation product identifier must correspond to a superannuation product identifier reported in SRF 605.0.

If the fee or cost incurred does not depend on the superannuation product, report ‘ALL’.

3

Investment Menu Identifier

Y

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the investment menu identifier that the fee or cost relates to. The investment menu identifier must correspond to an investment menu identifier reported in SRF 605.0.

If the fee or cost incurred does not depend on the investment menu, report ‘ALL’.

4

Investment Option Identifier

Y

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the investment option identifier that the fee or cost relates to. The investment option identifier must correspond to an investment option identifier reported in SRF 605.0.

If the fee or cost incurred does not depend on the investment option, report ‘ALL’.

5

Fees And Costs Disclosed Description Text

Y

All filers

Free text

Report a brief description of the fee or cost.

6

Fees And Costs Component Type

Y

All filers

  • Indirect Costs
  • Indirect Cost Ratio
  • Fees Deducted Directly From Member Account
  • Other Fees And Costs

Report the fees and costs component type of the fee or cost.

7

Fees And Costs Component Activity Type

Y

All filers

  • Investment
  • Administration
  • Transaction
  • Advice
  • Member Activity

Report the fees and costs component activity of the fee or cost.

A fee or cost can only be characterised as being related to one component activity.

8

Investment Charge Type

Y

All filers

  • Base
  • Performance Linked
  • Not Applicable

Report the investment charge type for the fee or cost.

For fees or costs where a fees and costs component activity other than Investment has been reported, the investment charge type should be reported as Not Applicable.

9

Activity Fee Type

Y

All filers

  • Advice Fee
  • Brokerage Fee
  • Buy Sell Spread
  • Contribution Fee
  • Contribution Splitting Fee
  • Dishonoured Payment Fee
  • Establishment Fee
  • Family Law
  • Financial Advice
  • Financial Hardship Application
  • Insurance Fee
  • Lost Member Search Fee
  • No TFN Tax Recovery Fee
  • Non Intrafund Advice Fee
  • Switching Fee
  • Withdrawal Fee
  • Other
  • Not Applicable

Report the activity fee type for the fee or cost.

For fees or costs where a fees and costs component activity other than Member Activity has been reported, the activity fee type should be reported as Not Applicable.

10

Fees And Costs Calculation Frequency Type

Y

All filers

  • Annual
  • Biannual
  • Quarterly
  • Monthly
  • Weekly
  • Daily
  • Per Activity
  • Other

Report the frequency that the fee or cost is calculated.

11

Fees And Costs Charge Frequency Type

Y

All filers

  • Annual
  • Biannual
  • Quarterly
  • Monthly
  • Weekly
  • Daily
  • Per Activity
  • Other

Report the frequency that the fee or cost is charged.

12

Tier Type

Y

All filers

  • Flat
  • Marginal
  • Not Applicable

Where the value of the fee or cost is dependent on a tiering structure, report the tier type, otherwise report Not Applicable.

13

Tier Arrangement Identifier

Y

All filers

Whole numbers

Where the value of the fee or cost is dependent on a tiering structure, report the tier arrangement, otherwise report 0.

14

Tier Number Identifier

Y

All filers

Whole numbers

Where the value of the fee or cost is dependent on a tiering structure, report the tier number, otherwise report 0.

15

Lower Bound Tier Account Balance Amount

All filers

Whole dollars

Where the value of the fee or cost is dependent on a tiering structure, report the tier lower bound, otherwise leave this field blank.

If there is no tier lower bound, this field should be left blank.

16

Upper Bound Tier Account Balance Amount

All filers

Whole dollars

Where the value of the fee or cost is dependent on a tiering structure, report the tier upper bound, otherwise leave this field blank.

If there is no tier upper bound, this field should be left blank.

17

Flat Dollar Amount

All filers

Dollars and cents

Report the flat dollar amount of the fee or cost, where one exists, otherwise leave this field blank.

18

Charge Minimum Percent

All filers

Percentage to 4 decimal places

Report the minimum charge (%), where one exists, otherwise leave this field blank.

19

Charge Maximum Percent

All filers

Percentage to 4 decimal places

Report the maximum charge (%), where one exists, otherwise leave this field blank.

20

Expense Or Benefit Account Balance Percent

All filers

Percentage to 4 decimal places

Report the percentage value (% of balance) of the fee or cost, where one exists, otherwise report 0%.

21

Expense Or Benefit Transaction Percent

All filers

Percentage to 4 decimal places

Report the percentage value (% of transaction) of the fee or cost, where one exists, otherwise report 0%.

22

Charge Minimum Amount

All filers

Dollars and cents

Report the minimum charge ($), where one exists, otherwise leave this field blank.

23

Charge Maximum Amount

All filers

Dollars and cents

Report the maximum charge ($), where one exists, otherwise leave this field blank.

24

Free Activities Count

All filers

Whole numbers

Report the number of free activities for the fee or cost.

For fees or costs where a fees and costs component activity other than Member Activity has been reported, this field should be left blank.

25

Date Of Change

All filers

Date values (dd/mm/yyyy)

Where an RSE licensee makes a change to information relating to fee and cost arrangements in respect of an RSE, defined benefit RSE, PST or ERF, report the date of change. Where there is no change, leave this field blank.

\n```","sortOrder":13},{"sectionNumber":"Instruction Guide","sectionType":"part","heading":"Instruction Guide","content":"# Instruction Guide\n\nThis instruction guide is designed to assist in the completion of Reporting Form SRF 706.0 Fees and Costs Disclosed (SRF 706.0).","sortOrder":15},{"sectionNumber":"General directions and notes","sectionType":"part","heading":"General directions and notes","content":"# Reporting Form SRF 706.0\n\n# Fees and Costs Disclosed\n\n# Instruction Guide\n\nThis instruction guide is designed to assist in the completion of Reporting Form SRF 706.0 Fees and Costs Disclosed (SRF 706.0).\n\n## General directions and notes\n\n### Reporting level\n\nSRF 706.0 must be completed for each superannuation product, investment menu and investment option within each RSE, defined benefit RSE and eligible rollover fund (ERF) within its business operations excluding the following:\n\n investment options which are permitted to be aggregated in Table 3 of Reporting Form SRF 605.0 RSE Structure (SRF 605.0);\n investment options which solely underlie defined benefits;\n investment options which are reported on SRF 605.0 under investment option category Annuity;\n products which are reported on SRF 605.0 under the Superannuation Product Category Type of ‘Insurance Only’ or ‘Whole of Life or Endowment’; and\n\n investment options which solely underlie products with the Superannuation Product Category Type of ‘Insurance Only’ or ‘Whole of Life or Endowment’.\n\nReport fees and costs for the superannuation product, investment menu or investment option at which they arise or are incurred.\n\nRSE licensees need to determine the appropriate reporting level for each of the applicable fees and costs depending on the structure of the RSE, defined benefit RSE and ERF.\n\nFees and costs may be incurred at each RSE structure level, but may vary depending on the combination of RSE structure levels a member is in.\n\nFor example, it is expected that administration fees will generally be reported at a superannuation product level, platform fees may sometimes be reported at the investment menu level, while investment management fees will generally be reported at the investment option level. The investment management fee for an investment option may vary depending on which superannuation product the member is invested through.\n\nWhere the fee or cost is applicable to all members in the RSE structure level, the RSE licensee must report data for that RSE structure level and report ‘ALL’ for the remaining RSE structure levels.\n\nWhere the fee or cost varies depending on the combination of RSE structure levels, the RSE licensee must report data for each relevant combination of superannuation product, investment menu and investment option.\n\nFor example, an administration fee that applies across all investment menus and investment options within a superannuation product would be identified with the relevant superannuation product identifier to which it applies. The investment menu identifier and investment option identifier would be reported as ‘ALL’.\n\n### Reporting tables\n\nTables described in this reporting form list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\nThe Unique identifier column indicates which field or fields form the primary key of the table. Where a field has ‘Y’ in the Unique identifier column, this denotes that this field forms part of the primary key for the table. A blank cell in the Unique identifier column means that the field does not form part of the primary key for the table. Any specific combination of values in the fields that form the primary key of a table must not appear on more than one row in that table when reported.\n\n### Reporting basis and unit of measurement\n\nSRF 706.0 captures all fees and costs that are proposed to be charged to a member or would otherwise affect member balances. It includes all standard and customised fee structures, such as fees and costs that would appear in the Product Disclosure Statement (PDS) for the superannuation product, and fees and costs relating to accessible products available on platform pursuant to the PDS for those accessible products.\n\nUnless otherwise instructed, report all items on SRF 706.0 in accordance with the RG 97 version indicated in SRF 605.0.\n\nAll fees and costs reported on SRF 706.0 must be reported ‘gross of tax obligations’ where ‘gross of tax obligations’ refers to gross of income tax, GST and stamp duty.\n\nThis means the fees and costs must be reported prior to taking into account any benefit of a tax deduction relating to a fee that is passed on to a member either as a reduction in tax on contributions or through the deduction of a fee that is lower than what is reported to take account of the tax deduction.\n\nAmounts in SRF 706.0 are to be reported as whole dollars, dollars and cents on a per member basis, or percentages. Percentages should be reported as an unconverted number to four decimal places. For example, 12.3456 per cent is to be reported as 0.123456.\n\nItems on SRF 706.0 must be reported as at the reporting day.\n\n### Definitions\n\nTerms highlighted in bold italics indicate that the definition is provided in Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections (SRS 101.0).\n\nSpecific instructions\n\n### Table 1: Fees and costs disclosed\n\nReport Table 1 as at the end of the reporting day. Where fees and costs vary according to the combination of fees and costs arrangement, superannuation product, investment menu or investment option, indicate this by use of the appropriate identifier in relevant columns, otherwise make use of ‘ALL’ as described above.\n\nAll fees and costs data under SRS 706.0 should be reported as the annual fee disclosed or the fee per activity disclosed as at the reporting date. Where a fee or cost is calculated or charged more frequently than annually, the RSE licensee should report the calculation frequency in column 10, and the charge frequency in column 11. The RSE licensee should report the percentage or dollar charge in column 17 or 20 as the fee or cost per annum regardless of the calculation or charge frequency. Where a fee or cost is calculated or charged per activity, the RSE licensee should report the percentage or dollar charge in column 17 or 20 as the fee or cost per activity\n\n```html\n

Column

Field name

Unique identifier

Applicable to

Valid values

Description

1

Fees And Costs Arrangement Identifier

Y

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the fees and costs arrangement identifier that the fee or cost relates to. The fees and costs arrangement identifier must correspond to a fees and costs arrangement identifier reported in SRF 605.0.

2

Superannuation Product Identifier

Y

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the superannuation product identifier that the fee or cost relates to. The superannuation product identifier must correspond to a superannuation product identifier reported in SRF 605.0.

If the fee or cost incurred does not depend on the superannuation product, report ‘ALL’.

3

Investment Menu Identifier

Y

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the investment menu identifier that the fee or cost relates to. The investment menu identifier must correspond to an investment menu identifier reported in SRF 605.0.

If the fee or cost incurred does not depend on the investment menu, report ‘ALL’.

4

Investment Option Identifier

Y

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the investment option identifier that the fee or cost relates to. The investment option identifier must correspond to an investment option identifier reported in SRF 605.0.

If the fee or cost incurred does not depend on the investment option, report ‘ALL’.

5

Fees And Costs Disclosed Description Text

Y

All filers

Free text

Report a brief description of the fee or cost.

6

Fees And Costs Component Type

Y

All filers

  • Indirect Costs
  • Indirect Cost Ratio
  • Fees Deducted Directly From Member Account
  • Other Fees And Costs

Report the fees and costs component type of the fee or cost.

7

Fees And Costs Component Activity Type

Y

All filers

  • Investment
  • Administration
  • Transaction
  • Advice
  • Member Activity

Report the fees and costs component activity of the fee or cost.

A fee or cost can only be characterised as being related to one component activity.

8

Investment Charge Type

Y

All filers

  • Base
  • Performance Linked
  • Not Applicable

Report the investment charge type for the fee or cost.

For fees or costs where a fees and costs component activity other than Investment has been reported, the investment charge type should be reported as Not Applicable.

9

Activity Fee Type

Y

All filers

  • Advice Fee
  • Brokerage Fee
  • Buy Sell Spread
  • Contribution Fee
  • Contribution Splitting Fee
  • Dishonoured Payment Fee
  • Establishment Fee
  • Family Law
  • Financial Advice
  • Financial Hardship Application
  • Insurance Fee
  • Lost Member Search Fee
  • No TFN Tax Recovery Fee
  • Non Intrafund Advice Fee
  • Switching Fee
  • Withdrawal Fee
  • Other
  • Not Applicable

Report the activity fee type for the fee or cost.

For fees or costs where a fees and costs component activity other than Member Activity has been reported, the activity fee type should be reported as Not Applicable.

10

Fees And Costs Calculation Frequency Type

Y

All filers

  • Annual
  • Biannual
  • Quarterly
  • Monthly
  • Weekly
  • Daily
  • Per Activity
  • Other

Report the frequency that the fee or cost is calculated.

11

Fees And Costs Charge Frequency Type

Y

All filers

  • Annual
  • Biannual
  • Quarterly
  • Monthly
  • Weekly
  • Daily
  • Per Activity
  • Other

Report the frequency that the fee or cost is charged.

12

Tier Type

Y

All filers

  • Flat
  • Marginal
  • Not Applicable

Where the value of the fee or cost is dependent on a tiering structure, report the tier type, otherwise report Not Applicable.

13

Tier Arrangement Identifier

Y

All filers

Whole numbers

Where the value of the fee or cost is dependent on a tiering structure, report the tier arrangement, otherwise report 0.

14

Tier Number Identifier

Y

All filers

Whole numbers

Where the value of the fee or cost is dependent on a tiering structure, report the tier number, otherwise report 0.

15

Lower Bound Tier Account Balance Amount

All filers

Whole dollars

Where the value of the fee or cost is dependent on a tiering structure, report the tier lower bound, otherwise leave this field blank.

If there is no tier lower bound, this field should be left blank.

16

Upper Bound Tier Account Balance Amount

All filers

Whole dollars

Where the value of the fee or cost is dependent on a tiering structure, report the tier upper bound, otherwise leave this field blank.

If there is no tier upper bound, this field should be left blank.

17

Flat Dollar Amount

All filers

Dollars and cents

Report the flat dollar amount of the fee or cost, where one exists, otherwise leave this field blank.

18

Charge Minimum Percent

All filers

Percentage to 4 decimal places

Report the minimum charge (%), where one exists, otherwise leave this field blank.

19

Charge Maximum Percent

All filers

Percentage to 4 decimal places

Report the maximum charge (%), where one exists, otherwise leave this field blank.

20

Expense Or Benefit Account Balance Percent

All filers

Percentage to 4 decimal places

Report the percentage value (% of balance) of the fee or cost, where one exists, otherwise report 0%.

21

Expense Or Benefit Transaction Percent

All filers

Percentage to 4 decimal places

Report the percentage value (% of transaction) of the fee or cost, where one exists, otherwise report 0%.

22

Charge Minimum Amount

All filers

Dollars and cents

Report the minimum charge ($), where one exists, otherwise leave this field blank.

23

Charge Maximum Amount

All filers

Dollars and cents

Report the maximum charge ($), where one exists, otherwise leave this field blank.

24

Free Activities Count

All filers

Whole numbers

Report the number of free activities for the fee or cost.

For fees or costs where a fees and costs component activity other than Member Activity has been reported, this field should be left blank.

25

Date Of Change

All filers

Date values (dd/mm/yyyy)

Where an RSE licensee makes a change to information relating to fee and cost arrangements in respect of an RSE, defined benefit RSE, PST or ERF, report the date of change. Where there is no change, leave this field blank.

\n```","sortOrder":16},{"sectionNumber":"Reporting level","sectionType":"division","heading":"Reporting level","content":"### Reporting level\n\nSRF 706.0 must be completed for each superannuation product, investment menu and investment option within each RSE, defined benefit RSE and eligible rollover fund (ERF) within its business operations excluding the following:\n\n investment options which are permitted to be aggregated in Table 3 of Reporting Form SRF 605.0 RSE Structure (SRF 605.0);\n investment options which solely underlie defined benefits;\n investment options which are reported on SRF 605.0 under investment option category Annuity;\n products which are reported on SRF 605.0 under the Superannuation Product Category Type of ‘Insurance Only’ or ‘Whole of Life or Endowment’; and\n\n investment options which solely underlie products with the Superannuation Product Category Type of ‘Insurance Only’ or ‘Whole of Life or Endowment’.\n\nReport fees and costs for the superannuation product, investment menu or investment option at which they arise or are incurred.\n\nRSE licensees need to determine the appropriate reporting level for each of the applicable fees and costs depending on the structure of the RSE, defined benefit RSE and ERF.\n\nFees and costs may be incurred at each RSE structure level, but may vary depending on the combination of RSE structure levels a member is in.\n\nFor example, it is expected that administration fees will generally be reported at a superannuation product level, platform fees may sometimes be reported at the investment menu level, while investment management fees will generally be reported at the investment option level. The investment management fee for an investment option may vary depending on which superannuation product the member is invested through.\n\nWhere the fee or cost is applicable to all members in the RSE structure level, the RSE licensee must report data for that RSE structure level and report ‘ALL’ for the remaining RSE structure levels.\n\nWhere the fee or cost varies depending on the combination of RSE structure levels, the RSE licensee must report data for each relevant combination of superannuation product, investment menu and investment option.\n\nFor example, an administration fee that applies across all investment menus and investment options within a superannuation product would be identified with the relevant superannuation product identifier to which it applies. The investment menu identifier and investment option identifier would be reported as ‘ALL’.","sortOrder":17},{"sectionNumber":"Reporting tables","sectionType":"division","heading":"Reporting tables","content":"### Reporting tables\n\nTables described in this reporting form list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\nThe Unique identifier column indicates which field or fields form the primary key of the table. Where a field has ‘Y’ in the Unique identifier column, this denotes that this field forms part of the primary key for the table. A blank cell in the Unique identifier column means that the field does not form part of the primary key for the table. Any specific combination of values in the fields that form the primary key of a table must not appear on more than one row in that table when reported.","sortOrder":18},{"sectionNumber":"Reporting basis and unit of measurement","sectionType":"division","heading":"Reporting basis and unit of measurement","content":"### Reporting basis and unit of measurement\n\nSRF 706.0 captures all fees and costs that are proposed to be charged to a member or would otherwise affect member balances. It includes all standard and customised fee structures, such as fees and costs that would appear in the Product Disclosure Statement (PDS) for the superannuation product, and fees and costs relating to accessible products available on platform pursuant to the PDS for those accessible products.\n\nUnless otherwise instructed, report all items on SRF 706.0 in accordance with the RG 97 version indicated in SRF 605.0.\n\nAll fees and costs reported on SRF 706.0 must be reported ‘gross of tax obligations’ where ‘gross of tax obligations’ refers to gross of income tax, GST and stamp duty.\n\nThis means the fees and costs must be reported prior to taking into account any benefit of a tax deduction relating to a fee that is passed on to a member either as a reduction in tax on contributions or through the deduction of a fee that is lower than what is reported to take account of the tax deduction.\n\nAmounts in SRF 706.0 are to be reported as whole dollars, dollars and cents on a per member basis, or percentages. Percentages should be reported as an unconverted number to four decimal places. For example, 12.3456 per cent is to be reported as 0.123456.\n\nItems on SRF 706.0 must be reported as at the reporting day.","sortOrder":19},{"sectionNumber":"Definitions","sectionType":"division","heading":"Definitions","content":"### Definitions\n\nTerms highlighted in bold italics indicate that the definition is provided in Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections (SRS 101.0).\n\nSpecific instructions","sortOrder":20},{"sectionNumber":"Table 1: Fees and costs disclosed","sectionType":"division","heading":"Table 1: Fees and costs disclosed","content":"### Table 1: Fees and costs disclosed\n\nReport Table 1 as at the end of the reporting day. Where fees and costs vary according to the combination of fees and costs arrangement, superannuation product, investment menu or investment option, indicate this by use of the appropriate identifier in relevant columns, otherwise make use of ‘ALL’ as described above.\n\nAll fees and costs data under SRS 706.0 should be reported as the annual fee disclosed or the fee per activity disclosed as at the reporting date. Where a fee or cost is calculated or charged more frequently than annually, the RSE licensee should report the calculation frequency in column 10, and the charge frequency in column 11. The RSE licensee should report the percentage or dollar charge in column 17 or 20 as the fee or cost per annum regardless of the calculation or charge frequency. Where a fee or cost is calculated or charged per activity, the RSE licensee should report the percentage or dollar charge in column 17 or 20 as the fee or cost per activity\n\n```html\n

Column

Field name

Unique identifier

Applicable to

Valid values

Description

1

Fees And Costs Arrangement Identifier

Y

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the fees and costs arrangement identifier that the fee or cost relates to. The fees and costs arrangement identifier must correspond to a fees and costs arrangement identifier reported in SRF 605.0.

2

Superannuation Product Identifier

Y

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the superannuation product identifier that the fee or cost relates to. The superannuation product identifier must correspond to a superannuation product identifier reported in SRF 605.0.

If the fee or cost incurred does not depend on the superannuation product, report ‘ALL’.

3

Investment Menu Identifier

Y

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the investment menu identifier that the fee or cost relates to. The investment menu identifier must correspond to an investment menu identifier reported in SRF 605.0.

If the fee or cost incurred does not depend on the investment menu, report ‘ALL’.

4

Investment Option Identifier

Y

All filers

No more than 20 alpha-numeric characters (with no special characters)

Report the investment option identifier that the fee or cost relates to. The investment option identifier must correspond to an investment option identifier reported in SRF 605.0.

If the fee or cost incurred does not depend on the investment option, report ‘ALL’.

5

Fees And Costs Disclosed Description Text

Y

All filers

Free text

Report a brief description of the fee or cost.

6

Fees And Costs Component Type

Y

All filers

  • Indirect Costs
  • Indirect Cost Ratio
  • Fees Deducted Directly From Member Account
  • Other Fees And Costs

Report the fees and costs component type of the fee or cost.

7

Fees And Costs Component Activity Type

Y

All filers

  • Investment
  • Administration
  • Transaction
  • Advice
  • Member Activity

Report the fees and costs component activity of the fee or cost.

A fee or cost can only be characterised as being related to one component activity.

8

Investment Charge Type

Y

All filers

  • Base
  • Performance Linked
  • Not Applicable

Report the investment charge type for the fee or cost.

For fees or costs where a fees and costs component activity other than Investment has been reported, the investment charge type should be reported as Not Applicable.

9

Activity Fee Type

Y

All filers

  • Advice Fee
  • Brokerage Fee
  • Buy Sell Spread
  • Contribution Fee
  • Contribution Splitting Fee
  • Dishonoured Payment Fee
  • Establishment Fee
  • Family Law
  • Financial Advice
  • Financial Hardship Application
  • Insurance Fee
  • Lost Member Search Fee
  • No TFN Tax Recovery Fee
  • Non Intrafund Advice Fee
  • Switching Fee
  • Withdrawal Fee
  • Other
  • Not Applicable

Report the activity fee type for the fee or cost.

For fees or costs where a fees and costs component activity other than Member Activity has been reported, the activity fee type should be reported as Not Applicable.

10

Fees And Costs Calculation Frequency Type

Y

All filers

  • Annual
  • Biannual
  • Quarterly
  • Monthly
  • Weekly
  • Daily
  • Per Activity
  • Other

Report the frequency that the fee or cost is calculated.

11

Fees And Costs Charge Frequency Type

Y

All filers

  • Annual
  • Biannual
  • Quarterly
  • Monthly
  • Weekly
  • Daily
  • Per Activity
  • Other

Report the frequency that the fee or cost is charged.

12

Tier Type

Y

All filers

  • Flat
  • Marginal
  • Not Applicable

Where the value of the fee or cost is dependent on a tiering structure, report the tier type, otherwise report Not Applicable.

13

Tier Arrangement Identifier

Y

All filers

Whole numbers

Where the value of the fee or cost is dependent on a tiering structure, report the tier arrangement, otherwise report 0.

14

Tier Number Identifier

Y

All filers

Whole numbers

Where the value of the fee or cost is dependent on a tiering structure, report the tier number, otherwise report 0.

15

Lower Bound Tier Account Balance Amount

All filers

Whole dollars

Where the value of the fee or cost is dependent on a tiering structure, report the tier lower bound, otherwise leave this field blank.

If there is no tier lower bound, this field should be left blank.

16

Upper Bound Tier Account Balance Amount

All filers

Whole dollars

Where the value of the fee or cost is dependent on a tiering structure, report the tier upper bound, otherwise leave this field blank.

If there is no tier upper bound, this field should be left blank.

17

Flat Dollar Amount

All filers

Dollars and cents

Report the flat dollar amount of the fee or cost, where one exists, otherwise leave this field blank.

18

Charge Minimum Percent

All filers

Percentage to 4 decimal places

Report the minimum charge (%), where one exists, otherwise leave this field blank.

19

Charge Maximum Percent

All filers

Percentage to 4 decimal places

Report the maximum charge (%), where one exists, otherwise leave this field blank.

20

Expense Or Benefit Account Balance Percent

All filers

Percentage to 4 decimal places

Report the percentage value (% of balance) of the fee or cost, where one exists, otherwise report 0%.

21

Expense Or Benefit Transaction Percent

All filers

Percentage to 4 decimal places

Report the percentage value (% of transaction) of the fee or cost, where one exists, otherwise report 0%.

22

Charge Minimum Amount

All filers

Dollars and cents

Report the minimum charge ($), where one exists, otherwise leave this field blank.

23

Charge Maximum Amount

All filers

Dollars and cents

Report the maximum charge ($), where one exists, otherwise leave this field blank.

24

Free Activities Count

All filers

Whole numbers

Report the number of free activities for the fee or cost.

For fees or costs where a fees and costs component activity other than Member Activity has been reported, this field should be left blank.

25

Date Of Change

All filers

Date values (dd/mm/yyyy)

Where an RSE licensee makes a change to information relating to fee and cost arrangements in respect of an RSE, defined benefit RSE, PST or ERF, report the date of change. Where there is no change, leave this field blank.

\n```","sortOrder":21}],"analysis":{"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"},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":false,"description":"This Determination principally revokes the prior SRS 706.0 and replaces it with an updated Reporting Standard that refines the mechanics of fee/cost reporting (new form layout, specific fields, timing rules, auditor assurance and digital authorisation). It does not materially broaden the population of regulated entities — it still applies to RSE licensees in respect of RSEs, defined benefit RSEs and ERFs — so the legislative scope (who must report) remains the same (Application: para 3). The main changes are procedural and data‑standard in nature (forward‑looking reporting, quarterly attestations, specified table of 25 fields, auditor limited assurance), i.e. a deeper set of operational requirements rather than a significant expansion of regulatory reach."},"complexity_factors":["Table 1 contains 25 distinct data fields with specific formats and constraints (e.g. percentage formatting, dollar vs whole‑dollar conventions).","Multiple cross‑references to other instruments and definitions: SRS 101.0, SRF 605.0, RG 97, SIS Act, Corporations Act and SPS 310.","Conditional reporting logic and exceptions: use of 'ALL' for applicability, exclusions for certain product types, tiering logic (tier type, arrangement ID, tier number, bounds).","Multiple temporal rules: annual reporting (as at 30 June), quarterly attestations, ad‑hoc updates within the quarter, and 28‑day deadlines (paras 6–11).","Quality and assurance requirements requiring RSE auditors to perform a review and at least a limited assurance engagement consistent with professional standards (para 16).","Authorisation and submission rules: digital certificate requirement, authorised officer/agent constraints, and record retention obligations (paras 18–20).","APRA discretions: power to change reporting day or frequency for particular RSEs and to grant extensions, plus ability to make minor form/instruction variations (paras 12–14, 21–22).","Complexity of activity and component taxonomies: multiple enumerated lists (component types, activity types, investment charge types, activity fee types and calculation/charge frequency lists).","Forward‑looking reporting requirement (para 8) adds modelling/forecasting dimension rather than simple historical reporting.","Instruction Guide repeats and nests rules across many paragraphs, increasing interpretive work and potential for divergence between system implementation and regulator expectation."],"plain_english_summary":"**What this instrument does (mechanically)\n\n- Revokes the prior SRS 706.0 and replaces it with a new Reporting Standard SRS 706.0 titled \"Fees and Costs Disclosed\". (Determination preamble.)\n- Requires registrable superannuation entity (RSE) licensees to submit standardised data to APRA about fees and costs disclosed to members for each superannuation product, investment menu and investment option they operate. (Application: para 3; Information required: paras 6–8.)\n- Sets the reporting cadence and deadlines: annual reporting as at each 30 June (first required for 30 June 2024), plus mandatory quarterly attestations that previously‑reported information remains accurate, and ad‑hoc updates where member disclosures change. Deadlines are generally 28 calendar days after the reporting day. (Commencement & reporting periods: paras 4–7; Quarterly attestation & ad‑hoc updates: paras 9–11.)\n- Prescribes the electronic form and format for submission (SRF 706.0), the fields to be provided (Table 1 with 25 columns/data fields), and specific data conventions (units, reporting ‘‘gross of tax obligations’’, how to report percentages, use of 'ALL' to indicate applicability). (Form & method: para 15; Instruction Guide and Table 1.)\n- Imposes quality control, audit and authorisation rules: the data must come from systems and controls reviewed and tested by the RSE auditor (at least a limited assurance engagement), must be subject to internal authorisation policies of the board and senior management, and each electronic submission must be digitally signed by an authorised officer or authorised agent. (Quality control: paras 16–17; Authorisation: paras 18–20.)\n- Gives APRA discretion to change reporting frequency or due dates for particular RSEs by written notice and to make minor technical changes to forms/instructions without altering substantive requirements. (Notices & Minor alterations: paras 12–14, 21–22.)\n\n**Who it affects**\n\n- Directly: RSE licensees (superannuation trustees/operators) in respect of each RSE, defined benefit RSE and eligible rollover fund within their operations. (Application: para 3; Interpretation: para 24.)\n- Indirectly: auditors of RSEs (additional review obligations), agents that file on behalf of RSEs (retention and authorisation obligations), APRA (receives, analyses and may publish data), and potentially ASIC (may also use the information). (Purpose: para 2; Quality control & Authorisation: paras 16–20.)\n\n**Why it matters (claimed purpose and practical effect)\n\n- Claimed purpose: APRA says the data will be used for prudential supervision and publication; ASIC may also use the data. (Purpose: para 2.)\n\n- Practical effects and incentives:\n - Transparency and comparability: standardised, per‑product/menu/option reporting (Table 1) creates a dataset APRA can publish and use to compare fees across providers. That may influence member choice and market signalling.\n - Reporting burden and compliance cost: RSE licensees must capture, validate and report granular fee data (25 defined fields) and put in place internal controls and auditor testing. Those are explicit compliance costs paid by RSE licensees and their auditors (paras 16–19).\n - Operational changes: firms must operate systems able to produce forward‑looking disclosures, handle ad‑hoc updates when disclosures change (para 9), perform quarterly attestations (para 10), and use digital certificates for submissions (para 18). That will change processes and may favour providers with more advanced data and governance capabilities.\n - Regulatory discretion and timeliness: APRA can require more or less frequent reporting for particular RSEs and can grant time extensions (paras 12–14), which creates case‑by‑case administrative discretion.\n\n**Costs, trade‑offs and implementation risks**\n\n- Direct costs: data collection, systems development, auditor fees (limited assurance), staff time for internal review and for meeting digital submission/authorisation rules (paras 15–19).\n- Concentrated benefits vs diffuse costs: APRA (and possibly ASIC) gain concentrated informational value; all reporting RSEs bear the compliance cost. The benefit of public data is diffuse (members, researchers, market participants), while the compliance cost is concentrated on each reporting entity.\n- Competitive/market effects: fixed compliance costs and required internal controls may be proportionally larger for smaller funds; larger funds with established reporting infrastructure will find it cheaper to comply, so there is a risk of scale advantages for larger operators. The standard encourages uniform disclosure but does not mandate product pricing or structure.\n- Behavioural responses: RSEs may simplify product structures or aggregate reporting where permitted (use of 'ALL' and specified exclusions) to reduce reporting volume; they may also alter the timing or content of member disclosures to manage reporting obligations (paras under Reporting level and Ad‑hoc updates, Instruction Guide).\n- Implementation risk: firms must interpret cross‑referenced definitions (SRS 101.0, SRF 605.0, SIS Act, Corporations Act and RG 97 references). Misinterpretation of those cross‑references or the tiering logic could produce inconsistent data.\n\n**Who decides and who pays**\n\n- APRA decides: it sets the standard, specifies the form, accepts or varies reporting days and due dates in writing, and may publish or share the data with ASIC. (Authority and Notices: paras 1, 12–14, 21–22.)\n- RSE licensees pay: they and their auditors bear the costs of collecting, validating, certifying and submitting the data, and of maintaining required controls and digital signing capabilities. (Quality control & Authorisation: paras 16–20.)\n\n**Concrete implementation levers to watch**\n\n- The requirement for limited assurance by the RSE auditor (para 16) raises audit costs and a timeline dependency on auditors.\n- Quarterly attestations and ad‑hoc update windows (paras 9–11) impose a standing operational cadence rather than a once‑a‑year reporting event.\n- The Instruction Guide’s Table 1 contains 25 named data fields with specific formatting rules (e.g. percentages to 4 decimal places reported as unconverted numbers) that drive data model design in reporting systems.\n\n(References in parentheses are to paragraphs or parts of the Reporting Standard/Schedule provided above.)"},"kimi_summary":{"_metrics":{"completionTokens":581},"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":false,"description":"This is a straightforward replacement of a previous reporting standard (SRS 706.0 from 2021) with substantively similar scope. The determination maintains the original purpose of collecting fee and cost disclosure data from superannuation entities for prudential supervision. No material expansion beyond the original intent."},"complexity_factors":["25-column data table with precise formatting requirements (percentages to 4 decimal places, specific date formats)","Multiple nested identifier systems requiring cross-referencing to another reporting standard (SRF 605.0)","Complex tiered fee structures requiring reporting of flat vs marginal rates, tier bounds, and conditional logic","Multiple reporting frequencies (annual, quarterly, ad-hoc) with different triggers and deadlines","Extensive defined terms (24 definitions) referencing external legislation including SIS Act, Corporations Act, and other reporting standards","Conditional field population rules (e.g., 'Not Applicable' entries required when certain activity types are selected)","Quality control requirements involving auditor assurance engagements under professional standards","Digital signature and authorisation requirements with specific officer roles"],"plain_english_summary":"This reporting standard requires RSE licensees (superannuation funds) to report exact fees and costs they charge members to APRA — covering all disclosed charges that affect super balances. \n\nBy giving regulators granular, audited fee data and timely updates, it improves transparency, helps detect unreasonable or non‑transparent fees, and supports better comparison and protection for members."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-47-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-47-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-47-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-47-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-47-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-47-of-2023/documents"}}