Financial Sector (Collection of Data) determination No. 43 of 2005
The details in item 2 will be populated The details in item 2 will be populated by APRA based on the information provided by the trustee in the previous years’ return. Please review the pre-populated data and make corrections where the information is incorrect or out of date.
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Completion of SRF 340.0 Superannuation Entity Profile
This form must be completed on an annual basis in relation to all Small APRA Funds (SAFs) and Single Member Approved Deposit Funds (SMADFs).
If a superannuation entity has no items to disclose, the form can be left blank as D2A recognises blanks as zeros; however it is still required to be submitted as part of the annual return.
Note: All forms included in the SRF 300 series should be submitted together as an annual return, not individually as separate forms.
Purpose
This form collects specific information on various aspects of a superannuation entity’s operations, investment management practices, investment returns, and service providers. Information reported in this form is prudentially important, as it forms part of APRA’s monitoring and analysis framework for individual superannuation entities and the industry.
This Guide has been prepared to assist in the completion and lodgement of SRF 340.0 Superannuation Entity Profile. For ease of use, the Guide has been split into three main sections as follows:
Lodgement and validation of and changes to SRF 340.0 Superannuation Entity Profile;
General Guidance – this guidance provides principles that should be applied to all items throughout SRF 340.0 Superannuation Entity Profile; and
Instruction Guide for Specific Items – this guidance should be applied to the specific items which relate to each superannuation entity.
Lodgement and Validation of SRF 340.0 Superannuation Entity Profile
Lodgement and authentication codes
This form must be completed and lodged to APRA either by, or on behalf of, a trustee that is a corporate or natural ‘person’. (It cannot be lodged by the superannuation entity itself, as the entity is not a ‘person’). Where not lodged by the trustee itself, it may be lodged on behalf the trustee by the trustee’s agent, e.g. an administrator or accountant.
Once the SRF 340.0 form has been completed and submitted to APRA (where submission is by the D2A system), an authentication code is generated in D2A from information entered into the form. The authentication code and date submitted appear in the footer of each page of the return (‘return’ equates to all 8 forms in the SRF 300 series). Any change of information entered or resubmission of the return will result in a change to the authentication code. The authentication codes and date submitted should be used by auditors to determine that the four forms audited (300.0, 310.0, 320.0 and 330.0) have been submitted.
A receipt indicating successful lodgement of the return will be provided via email. There may be a slight delay in a receipt being provided if the submission is made in the last week of October. Do not resubmit your return however, as the receipt will be generated.
Part The details in item 2 will be populated - Financial Sector (Collection of Data) determination No. 43 of 2005 - The details in item 2 will be populated by APRA based on the information provided by the trustee in the previous years’ return. Please review the pre-populated data and make corrections where the information is incorrect or out of date. | Zoe
Validation and calculation of totals
When data is entered into the form, the total balances (in the greyed out cells) will not be calculated automatically. The total items will only calculate when the form is validated. Clicking on the word 'validate' in the top left hand corner of the screen and selecting ‘OK’ will result in the total items being calculated and the validation rules appearing for review.
There are three types of validation rules as follows:
Warnings: Confirmation rules – this rule requires the user to provide confirmation that the data entered into an item is correct, for example that a negative number is correct and should not be positive. To provide confirmation the user should click the confirm box and provide a brief description in support of the item.
Note: Descriptions entered for warnings may not always appear if the return is validated more than once. There is no need to re-enter the description as D2A has saved this description and the comments will be lodged with the return.
Error: Mandatory rules – this indicates an error in an item, for example a description and a value must be included in a table. These errors must be corrected before the return can be lodged.
Cross form validations – this also indicates an error and must be corrected before the return can be lodged, for example Totals disclosed in SRF 310.1 Selected Disclosure of Investments must agree with the investments reported in item 3 ‘Investments’ on SRF 310.0 Statement of Financial Position.
General guidance for completion of SRF 340.0 Superannuation Entity Profile
Important!
Most trustee, contact and service provider information will be pre-populated in D2A by APRA based on the last known details provided by the trustee. As a consequence, pre-populated data in items 1, 2 and 5 may be out of date or inaccurate. Pre-populated data should therefore be reviewed and, if necessary, amended to ensure the information is current and correct.
Important!
Provide details of the trustee and service providers at the reporting date. Ensure the contact details provided are current.
Important!
Zeros are not required where there is no dollar value for an item. If there is no balance for an item, leave it blank, as D2A recognises blanks as zeros.
Important!
Report all disclosures rounded to the nearest thousand dollars. If values are reported in complete dollars (rather than rounded), superannuation levies will be calculated on these inflated values unless a resubmission occurs. Do not use decimal numbers i.e. when dividing the value to obtain a rounded balance to the nearest thousand dollars, ensure that the figure is whole.
Use of third parties
Please note that where information is requested on services provided by third parties such as administrators, custodians, and a superannuation entity utilises the service of more than one service provider for a particular service, details of all of the service providers who provide that service must be disclosed on this form.
Instruction guide for specific items
Contact Details for the Superannuation Entity
Important!
The details in item 1 will be populated by APRA based on the information provided by the trustee in the previous years return. Please review the pre-populated data and make corrections where the information is incorrect or out of date.
1.1. Registered Address of the Superannuation Entity
Record the registered address of the Superannuation Entity. (This address must be a street address).
1.2. Address for Correspondence of the Superannuation Entity
Record the postal address of the Trustee.
Important!
This will be used as the address for billing the APRA levy to the superannuation entity.
1.3. Primary Contact for the Superannuation Entity
Record details of the primary contact for the Superannuation Entity.
Important!
This person will be used as a contact regarding billing of the APRA levy to the superannuation entity.
Contact title & name
Record the name of the person who can assist us with any questions about the superannuation entity.
Contact position
Record the employment position of the contact person.
Contact phone
Record the contact number (including STD code) of the contact person.
Contact facsimile
Record the facsimile number (including STD code) of the contact person.
Contact e-mail (where available)
Record the e-mail address of the contact person.
Contact address
Record the postal address of the contact person. If the same as the address for correspondence of the superannuation entity in item 1.2, write SAME in the Address Line 1 field.
1.4. Entity’s Registration Number
Record the superannuation entity’s registration number (where applicable).
Trustee Details
Important!
The details in item 2 will be populated by APRA based on the information provided by the trustee in the previous years’ return. Please review the pre-populated data and make corrections where the information is incorrect or out of date.
2.1. Name of Trustee Corporation
This has been recorded on the return. Please update if details are incorrect.
2.2. Trustee ABN (where applicable)
Please provide this number. If it has been recorded on the return please correct the number if it is incorrectly disclosed.
2.3. Trustee License Number (where applicable)
2.4. Names of Trustees Directors
Corporate Trustee: In the table confirm or correct the name of individual directors.
Select from the drop-down box next to each name:
“member” where the director is a member representative;
“employer” where the director is an employer representative;
“independent” where the director is an independent trustee (i.e. a trustee who does not represent members or employers, but not a director of a professional trustee company); or
“professional” for directors of a professional trustee company;
to indicate whom they are representing. Also record the contact phone number.
2.5. Registered Address of the Trustee Corporation
Record the registered address of the Trustee Corporation. (This address must be a street address).
2.6. Address for Correspondence of the Trustee Corporation
Record the postal address of the Trustee Corporation.
2.7. Street Address of the Trustee Corporation
Record the street address of the Trustee Corporation. If this is the same as the registered address reported in item 2.5, write SAME in the Address Line 1 field.
2.8. Primary Contact for the Trustee
Contact title & name
Record the name of the person who can assist us with any questions about the Trustee.
Contact position
Record the employment position of the contact person.
Contact phone
Record the contact number (including STD code) of the contact person.
Contact facsimile
Record the facsimile number (including STD code) of the contact person.
Contact e-mail (where available)
Record the e-mail address of the contact person.
Contact address
Record the postal address of the contact person. If this is the same as the address for correspondence of the superannuation entity reported in item 1.2, write SAME in the Address Line 1 field.
Organisation Lodging This Return
3.1. The name of the organisation lodging the return
Record the name of the organisation actually lodging this return. For example, the organisation may be:
the corporate trustee;
an outsource provider (e.g. external administrator); or
a business unit within the employer sponsor 'for and on behalf of the corporate trustees'.
The superannuation entity should not be recorded as the name of the organisation lodging this return.
3.2. The ABN of the organisation lodging the return
Record the ABN, or if none, leave blank.
Wind up Details
Important!
Only complete if the reporting superannuation entity wound up during the reporting year, else leave BLANK.
Important!
If the superannuation entity has wound up during the year, it should have $nil net assets at the end of the current reporting period and, consequently, SRF 310 items 5, 11, 12, 16, 17.1, 17.2 and 17.3 should be either $nil or a negative figure.
Note: The superannuation entity could have a balance at item 17.3 if it is a late balancer and wound up after 30 June.
Important!
If the superannuation entity has wound up:
Before the end of the reporting date for the current reporting period (i.e. May or June) – then the superannuation entity should only lodge the paper based wound up return which can be downloaded from APRA's website.
After the end of the reporting date for the current reporting period (i.e. July or August) – then the superannuation entity should lodge the SRF 300 series of forms including SRF 340.0 Superannuation Entity Profile item 4.
Date entity wound up
Record in DD/MM/YYYY format.
Important!
The wound up date should not be greater than the current reporting date i.e. if the current reporting date is 30 June 2005, the wound up date should not be after this date. For entities which wind up after this date, a wind up return should be completed for the following financial year.
4.2. Wound up reason
Enter only the corresponding number for the reason for windup:
1 – Transferred to another Superannuation Entity
2 – Never Operated
3 – Employer sponsored ceased operations
4 – Other reasons given
4.3. Maximum number of members during the financial year?
Record the maximum number of members in the superannuation entity during the financial year (or part thereof) for which the superannuation entity is reporting, prior to its windup.
4.4. Is this a successor fund transfer?
Record Y or N (Yes or No).
If Yes, provide details of the successor fund:
4.4.1 Name of successor fund
Record the full name of the successor fund.
4.4.2 ABN of successor fund (where applicable)
Record the ABN of the successor fund (or if not available, the ABN of the trustee), or if none leave blank.
5. Details of Service Providers
Important!
The details in item 5 will be populated by APRA based on the information provided by the trustee in the previous years’ return. Please review the pre-populated data and make corrections where the information is incorrect or out of date.
Important!
The superannuation entity should report the name of all service providers and third parties who provided services during the current reporting period – this includes the names of service providers who ceased to provide services during the year.
5.1. Auditor Details
5.1.1 Signing partner
Record the name of the audit partner responsible for signing the external audit opinion of the superannuation entity, for the financial year corresponding with the reporting period of this return.
5.1.2 Signing partner’s phone and fax number
Record the phone and fax number of the audit partner.
5.1.3 Audit firm
Record the name of the external audit firm of the superannuation entity.
5.1.4 Audit firm ABN
Record the ABN of the external audit firm.
5.1.5 Signing Partner’s Address
Record the contact address of the audit partner responsible for signing the external audit opinion (i.e. the partner in item 5.1.1).
5.1.6 Is the auditor a registered company auditor?
Respond Y (Yes) or N (No).
5.1.7 If yes provide registration number
5.1.8 Of which professional accounting bodies is the auditor a member?
Record Y (Yes) or N (No), whether or not the auditor is a member of each of the following professional bodies:
CPA – CPA Australia;
ICA – The Institute of Chartered Accountants in Australia;
NIA – National Institute of Accountants;
ATMA – Association of Taxation and Management Accountants;
NTAA – The National Tax & Accountants’ Association Ltd; and
Other.
5.2. Custodian Details
Does the Trustee engage an independent Custodian for funds under management?
Respond Y (Yes) or N (No.
If Yes, provide details in the table below.
Organisation Name of Custodian
Record the full name of each custodian in the space provided.
ABN of Custodian
Record the ABN for each custodian
Contact address of Custodian
Record the contact address of each custodian.
5.3. External Administrator details
Does the Trustee engage an External Administrator for the superannuation entity?
Respond Y (Yes) or N (No). If Yes, provide details in the table below.
Name of Administrator
Record the full name of each administrator.
ABN of Administrator
Record the ABN for each administrator.
Contact address of Administrator
Record the contact address of each administrator.
5.4. External Investment Manager details
Does the Trustee engage an External Investment Manager for funds under management?
Respond Y (Yes) or N (No). If Yes, provide details in the table below.
Important!
Where the only investment manager (in which the superannuation entity is invested) is either:
a life insurer - where the superannuation entity invests in insurance policies held in statutory funds of life companies; or
a PST - in which the superannuation entity has units
then N should be entered in item 5.4.
Name of Investment Manager
Provide the full name of each investment manager.
Important!
The superannuation entity should report the name of all investment managers who provided services during the current reporting period – this includes the names of investment managers who ceased to provide services during the year.
ABN of Investment Manager
Provide the ABN for each investment manager.
Contact Address of Investment Manager
Input the contact address of each investment manager.
5.5. Employer Sponsor Details
Where there is more than one Employer Sponsor please provide the name and other details requested below for each. Where there are more than 10 such Employer Sponsors, only report the 10 largest employer sponsors in terms of members attributable to each employer.
The following details are required to be reported:
Organisation Name
Record the full name of each Employer Sponsor. However, if the return is being completed for:
a master trust / superannuation entity, record “multiple employers – master trust”;
an industry superannuation entity record “multiple employer – industry superannuation entity”.
under Organisation Name.
Important!
The superannuation entity should not report individual employer sponsors from within a group, instead report the name of the group only.
ABN of Employer Sponsor
Record the ABN for each Employer Sponsor.
Contact address of Employer Sponsor
Record the contact address for each Employer Sponsor.
5.6. Other Service Providers
Does the Trustee engage the services of any other service providers?
Respond Y (Yes) or N (No). If Yes, provide details in the table below.
Provide details of any other service(s) provided to, and service providers used by, the superannuation entity (other than those recorded in items 5.1 to 5.4 above) during the financial year. Do not disclose any new service providers who are appointed after the end of the current reporting period.
Role (select from drop down box)
Choose the option from the drop-down box that best describes the type of other services provided:
Accountant;
Actuary;
Insurer;
Lawyer;
Investment Advisor; or
Other – for example, this may include a business unit within the employer sponsor.
Name of Service Provider
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?
Report Y (Yes) or N (No).
6.12. Does the Trustee have a financial planning arm?
Report Y (Yes) or N (No).
6.13. Does the Trustee provide financial advice?
If Yes, provide the following details:
6.13.1 AFSL license number
6.13.2 Description of advice
7. Compliance
7.1. Has the Superannuation Entity been subject to a review by either the ATO or ASIC?
Report Y (Yes) or N (No) if the Superannuation Entity has been subject to a review by the ATO or ASIC during the reporting year. A ‘review’ will normally involve, at a minimum, a formal written request for information from the regulator and may involve meeting with the regulator.
If yes, when?
If Yes, report the date of the review. Where there have been multiple reviews or requests for information during the year, report the date of the last (i.e. most recent) meeting or request for information during the reporting year.
7.2. Has the Trustee been subject to a review by either the ATO or ASIC?
Report Y (Yes) or N (No) if the Trustee has been subject to a review by the ATO or ASIC. A ‘review’ will normally involve, at a minimum, a formal written request for information from the regulator and may involve meeting with the regulator.
If yes, when?
If yes report the date of the review. Where there have been multiple reviews or requests for information during the year, report the date of the last (i.e. most recent) meeting or request for information during the reporting year.
7.3. Non-compliance issues raised by a regulator other than APRA
Where non-compliance issues have been raised by a regulator other than APRA in respect of non-compliance with the SIS Act and or the Corporations Act 2001, provide the following details: