Provide the full name of the individual who is the service provider and their role. Where applicable show the company name. Where more than one service provider is used please provide the name and other details requested below for all service providers.
ABN of service provider
Provide the ABN for each service provider reported. Enter the ABNs in the same order as the order of the service provider names.
Contact address of service provider
Input the contact address of the service provider. Enter the addresses in the same order as the order of service provider names.
Entity Specific Information
6.1. Number of members at the end of the financial year
Record the number of members in the superannuation entity at the end of the reporting year.
The number of members reported by the superannuation entity at the end of the financial year / reporting period should only be disclosed as zero if the entity has wound up under SRF 340.0 Superannuation Entity Profile item 4.
Numbers of members should be reported in whole numbers.
Important!
SAFs should not have more than 5 members reported in SRF 340.0 Superannuation Entity Profile, item 6.1.
Important!
If a superannuation entity recognises a member with a zero balance as a member of the entity, then these members should be included on SRF 340.0 Superannuation Entity Profile.
6.2. Benefit Type
Classify the superannuation entity according to the following classifications: A, B or C (one classification for each superannuation entity only). It is expected that, for the majority of superannuation entities, the benefit type will be the same as disclosed in the previous year:
(A) Accumulation Benefit Entities - An accumulation superannuation entity is a superannuation entity where the benefit a member receives is the total of specifically defined contributions to the superannuation entity plus earnings on those contributions, minus expenses and tax. Members carry the investment risk with this style of superannuation entity. An accumulation superannuation entity is also referred to as a defined contribution superannuation entity. Do not use this classification if the superannuation entity also contains defined benefit members – use “C” instead.
(B) Defined Benefit Entities (all members defined benefits) - A defined benefit superannuation entity is a superannuation entity where the formula for calculating the retirement benefit (and possibly other benefits also) is specified, usually in terms of years of service with the employer (or years of membership of the superannuation entity) and average salary level over the last few years prior to retirement. For example the formula may be that a member on retiring will receive 15 per cent of final average salary for each year of membership. The employer sponsor/contributor to a defined benefit superannuation entity carries the investment risk. Do not use this classification if the superannuation entity also contains accumulation members – use “C” instead.
(C) Defined Benefit Entities (not all members defined benefits) - Represents a superannuation entity which consists of a combination of both Accumulation (Defined Contribution) and Defined Benefit members. This is sometimes referred to as a “hybrid” superannuation entity.
6.3. What is the amount of "in-house" assets held by the superannuation entity?
Refer in-house asset definition in Part 8 of the Superannuation Industry (Supervision) Act 1993 (SIS Act) for further guidance as well as the solvency requirement in Part 9 of the SIS Regulations. If none, report $Nil.
In-house assets are generally limited to 5% of the market value of an entity’s assets. The following should not be reported at SRF 340.0 Superannuation Entity Profile item 6.3:
In-house assets, for which the entity has an exemption; and
An investment in, or loan to, a related party or trust which falls under one of the exclusion categories listed in paragraphs 71(1)(a) to (j) of the SIS Act.
In addition, in-house assets held on 11 August 1999, which have been grandfathered, may be excluded.
(Note that an “in-house” asset is not the same thing as assets managed directly/internally by the superannuation entity. Consult the SIS definition noted above for details).
6.4. When was the last external actuarial review commissioned by the Superannuation Entity?
Where applicable (i.e. when the answer to SRF 340.0 Superannuation Entity Profile item 6.2 is B or C) then report the date of the last actuarial review in DD/MM/YYYY format.
Important!
If the superannuation entity is a master trust, and there is more than one defined benefit sub-plan resulting in a number of actuarial review dates, the “last actuarial review” date to be reported is not the latest actuarial review, but should be the oldest actuarial review for the sub-plans in the master trust, at the entity's financial year end i.e. the least recent of the current actuarial valuations performed for each of the sub-plans.
6.5. During the year, did the Superannuation Entity have:
6.5.1 Contribution arrears (applicable where contributions have not been received by the superannuation entity by the expected or agreed date. This can include employer contributions)?
Important!
If there are one or more employer sponsors who are deemed to be in arrears by the superannuation entity, a Yes response should be reported under item 6.5.1.
6.5.2 A contribution holiday (applicable only to defined benefit entities)?
Report Y (Yes) or N (No) for each item. A response should be given for both items. If the superannuation entity is not a defined benefit entity, then an N response should be given to item 6.5.2 to avoid a validation error being raised.
Important!
Materiality does not apply to this item. A Y response should be given in all cases where the superannuation entity had contribution arrears or a contribution holiday, regardless of how large the arrears were or how small the defined benefit entity is.
For example, if the superannuation entity is a master trust, there may be many different underlying employer sponsors. The superannuation entity should respond Y to items 6.5.1 and / or 6.5.2 if any sub-plan employer sponsor had contribution arrears or was on a contributions holiday at any time during the financial year.
6.6. For Defined Benefits Entities only:
Important!
For items 6.6.1 to 6.7.2:
The superannuation entity may have a number of defined benefit plans within it. In such cases, the superannuation entity should consider the following responses:
6.6.1 – Report Y if any sub plans would answer Y.
6.6.2 – Report for the largest DB sub-plan.
6.6.3 – Report for the largest DB sub-plan.
6.6.4 – Report for the largest DB sub-plan.
6.7.1 – Report N if any employer for a sub-plan has not paid the recommended contribution rate.
6.7.2 – Report N if any employer sub-plan has not paid at the recommended frequency.
Has there been repatriation to the employer during the year?
Report Y (Yes) or N (No).
6.6.2 What are the actuarial projections for investment return for the next financial year?
Report gross of fees and taxation, in percentage terms to one decimal place.
6.6.3 What are the actuarial projections for wage growth for the next financial year?
Report in percentage terms to one decimal place.
6.6.4 What are the actuarial projections for CPI for the next financial year?
Report in percentage terms to one decimal place.
6.7. In the case of contributions for defined benefit entities only:
6.7.1 Has the employer paid the recommended contribution rates?
6.7.2 Has the employer paid at the recommended frequency?
Report Y (Yes) or N (No) whether the employer has paid the recommended contribution rates, and whether at the recommended frequency, throughout the year.
6.8. Self Insurance of Death and or Disability Benefits
Important!
Where the superannuation entity self insures for death and or disability benefits provided to members, has independent actuarial advice been commissioned? Report Y (Yes) or N (No).
Important!
If the superannuation entity does not self insure, leave this item BLANK.
6.8.1 Date of last report
If the answer to item 6.8 above is Yes, provide the date of the last actuarial report in the format DD/MM/YYYY.
6.9. Investment choice
6.9.1 How many investment strategy choices are offered?
Report the number of investment strategy choices offered to members.
Important!
A superannuation entity should include all investment strategy options available across the entity, even when they are not available to all members.
Important!
If there are sub-plans, report the sub-plan with the largest number of options.
6.9.2 What value of member funds has been placed in the default investment strategy as a result of the member failing to select an investment strategy?
Where the response to item 6.9.1 is greater than 1 (i.e. where member investment strategy choice is offered by the superannuation entity), report the value of member funds placed into the default category as a result of the operation of the default mechanism when the member has not advised their preferred choice to the superannuation entity (i.e. do include member funds where the member has actively chosen this strategy).
Item 6.9.2 requires information in relation to the default strategy at financial year end.
Important!
Where the response to item 6.9.1 is 1 (i.e. no choice is offered to members), leave this item BLANK.
Important!
Where failure to nominate is not recorded in an entity's system, the superannuation entity should either:
disclose an estimate; or
report the total value of the default investment strategy.
Entities with sub-plans should report the default value for their largest sub-plan.
6.10 Report the asset allocation of the entity
Report the asset allocation of the default strategy (when multiple investment strategies are offered) or the asset allocation of the one strategy (i.e. the superannuation entity as a whole, where no investment choice is offered), as at the end of the financial year, split between:
Australian shares;
International shares;
Listed property;
Unlisted property;
Australian fixed interest;
International fixed interest;
Cash; and
Other (e.g. Hedge funds, gold coins, art, antiques).
Superannuation entities with sub-plans, or superannuation entities with no default strategy, should report the allocation of the largest sub-plan by asset size.
Important!
Report the value for each investment category. The values of the asset allocation of the superannuation entity should be reported in thousands of dollars not as a percentage.
6.11 Did the Superannuation Entity pay commissions and brokerage of the kind mentioned in SIS Regulation 3.10?