Completion of SRF 200.0 Statement of Financial Performance
This form must be completed on an annual basis by the trustees of all APRA-regulated superannuation entities, excluding Small APRA Funds (SAFs) and Single Member Approved Deposit Funds (SMADFs).
(Trustees of those superannuation entities with total assets of at least $50m (at the end of the most recent year of income of the entity) that are required to complete SRF 100.0 Statement of Financial Performance on a quarterly basis must also complete this form on an annual basis.)
Note: All forms included in the SRF 200 series should be submitted together as an annual return, not individually as separate forms.
Purpose
This form collects specific financial information resulting from the operations of the superannuation entity, specifically the investment operations and membership activity in terms of contributions, rollovers, investments, expenses and benefit payments. Information collected in this form is important as it forms part of APRA’s monitoring and analysis framework for superannuation entities and the industry. In addition, the Australian Bureau of Statistics will use specific information in this form for statistical purposes.
This Guide has been prepared to assist in the completion and lodgement of SRF 200.0 Statement of Financial Performance. For ease of use, the Guide has been split into three main sections as follows:
Lodgement and validation of and changes to SRF 200.0 Statement of Financial Performance;
General Guidance – this guidance provides principles that should be applied to all items throughout SRF 200.0 Statement of Financial Performance; 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 200.0 Statement of Financial Performance
Lodgement and authentication codes
This form must be completed and lodged to APRA by a corporate or natural ‘person’ (trustee director or administrator), and not by the superannuation entity as the entity is not a ‘person’.
Once SRF 200.0 Statement of Financial Performance has been completed and submitted to APRA, 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 9 forms). 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 (SRF 200.0 Statement of Financial Performance, SRF 210.0 Statement of Financial Position, SRF 220.0 Exposure Concentrations and SRF 230.0 Transactions with Associated Parties) have been submitted.
The same authentication code on all the forms lodged will give trustees some 'comfort' that their attestations on SRF 260.0 Trustee Statement relate to the other forms submitted as the return. Different authentication codes should be taken by trustees that their attestations are not consistent with other forms and APRA may take the view that the return has therefore not been signed and authorised by the trustee.
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.
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 210.1 Selected Disclosure of Investments must agree with the investments reported in item 3 ‘Investments’ on SRF 210.0 Statement of Financial Position.
Changes to SRF 200.0 Statement of Financial Performance
As detailed above, any change of information entered or resubmission of the return will result in a change to the authentication code. SRF 200.0 Statement of Financial Performance is one of the four forms which requires audit, with a copy of the audit report being provided to APRA together with the annual return. If an amendment is made to the return after the audit report relating to the return has been submitted to APRA, then a copy of the amended return must be:
Lodged with APRA; and
Forwarded to the auditor of the return. The auditor will then consider the magnitude and significance of the amendment to the returns in order to assess whether the audit report will have to be re-issued.
General guidance for completion of SRF 200.0 Statement of Financial Performance
Please read document “Reporting Requirements and General Instruction Guide” before completing this form.
Important!
Unless otherwise indicated, report all items on the form as positive numbers. SRF 200.0 Statement of Financial Performance must not be considered in terms of the double entry accounting method. Positive numbers are required throughout the form, even in relation to a credit entry, to enable the validation calculations to be generated accurately. Revenue balances should only be reported as a negative number if a loss has occurred. All negative numbers will have to be confirmed by the user and a description provided in line with the Warnings validation as described above.
Important!
Report all balances in the tables throughout the form as positive numbers.
Important!
Report all disclosures rounded to the nearest thousand dollars. 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.
Important!
There is no materiality limit applied to the disclosure of amounts within SRF 200.0 Statement of Financial Performance. All balances must be recorded. ‘Other’ items cannot be omitted based on materiality levels, but must disclose amounts that cannot be shown in the standard classifications. Each superannuation entity should use its own judgement in grouping items into meaningful categories.
Important!
The amounts disclosed within SRF 200.0 Statement of Financial Performance should be reconcilable with the balances disclosed within the superannuation entities’ trial balance and/or financial statements prepared under AAS25.
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.
Basis of accounting (cash vs. accruals)
Items on this form should be reported on a basis consistent with the accounting treatment (cash or accruals basis) adopted by the superannuation entity. APRA would ordinarily expect that regulated superannuation entities are ‘reporting entities’, and will therefore apply an accruals basis, in accordance with the requirements of current Australian Accounting Standards and the guidance in APRA Superannuation Circular No. V.A.2.
For example, where a receivable or payable is recognised at year end under the entity’s accounting policy, the cash amount received or paid during the year should be adjusted by adding the receivable/payable amount at the end of the current year and subtracting the receivable/payable amount at the end of the previous year.
Important!
Once selected, the basis of accounting used must be consistent for all 4 quarterly returns (where the entity is required to lodge these) and the corresponding annual return.
Netting off of amounts
Unless otherwise specifically stated, data in this form should be reported on a gross basis, with no netting, even where the institutions comply with the prerequisites for netting outlined in current Australian Accounting Standards. For example:
contributions should be reported before deducting contributions tax, entry fees, deferred entry fees, commissions, management fees and any other ongoing fees or charges deducted from the contributions received (where applicable to the superannuation entity); and
investment expenses should be disclosed before deducting separately identifiable direct investment expenses.
Direct vs. indirect investments
Certain items on this form distinguish between ‘directly held’ investments and those which are not directly held.
Directly held investments are those made by the superannuation entity in its own name, as part of the internal investment management function. This includes investments held by a custodian where these are held in Trust for the entity and the superannuation entity retains the decision-making function regarding the making and redeeming of particular investments within the portfolio.
Investments that are not directly held include underlying investments that are held with external investment managers (such as investments in PSTs or unit trusts), and investments held via individually managed mandates/portfolios where the decision-making function regarding the making and redeeming of particular investments within the portfolio may rest with the investment manager.
For annual reporting purposes, disclosures regarding investments in individually managed mandates/portfolios are required to be reported on a look-through basis, consistent with the disclosures for directly-held investments i.e. the underlying investments in the portfolio must be analysed and reported separately. Investments held with external investment managers should be disclosed under the appropriate category (for example a PST would be disclosed under item 12.6) but a look-through basis is not required.
Important!
The annual reporting requirement to disclose investments and income from individually managed mandates/portfolios on a look-through basis is different to the quarterly reporting requirements (where applicable), which do not require a look-through basis for these investments.
Instruction guide for specific items
Contribution revenue
Report all contributions income received and receivable for the year, to the extent known by the superannuation entity. Do not include ‘rollovers received’ in items 1.1 to 1.5 - show these at item 2 ‘Rollovers’ instead. Show contributions gross of contributions tax (which is reported separately at item 20) and do not deduct entry fees, deferred entry fees, commissions, management fees or any other ongoing fees or charges deducted by the superannuation entity from the contributions received (where applicable to the superannuation entity).
Important!
Where fees (as detailed above) are deducted from the contributions or members’ accounts by the superannuation entity and paid out to a third party (for example a financial advisor or trustee entity) they should be disclosed under item 18 ‘Operating Expenses’.
Important!
For items 1.1 and 1.2 (below), disclose contributions income received as a positive number. Contribution revenue should only be recorded as a negative number when losses have occurred
1.1. Employer
Report contributions income received and receivable from the employer(s) for the year. Includes (but is not limited to):
all mandated employer contributions (SG, SG voucher, award/productivity, and contributions by the employer under enterprise bargaining agreements or under the superannuation entity’s governing rules);
salary sacrifice contributions;
ETP or ‘golden handshake’ amounts from the employer where they represent pre-tax contributions;
voluntary employer contributions; and
contributions by an employer sponsor to reduce the deficit in a defined benefit superannuation entity.
Do not include amounts rolled into Approved Deposit Funds (ADF) - these are included at item 2. Superannuation entities that are Pooled Superannuation Trusts (PSTs) please do not fill out this item – fill out item 1.3 instead.
1.2. Personal member (do not include rollovers)
Contributions income received and receivable from members for the year. Includes (but is not limited to):
member post-tax contributions;
contributions from self-employed members;
member contributions required under an industrial agreement or the entity’s governing rules; and
Capital gains tax (CGT) exempt contributions.
Do not include salary sacrifice contributions – these are included at item 1.1 above. Do not include spouse, child or Federal government co-contributions – these are included at item 1.4 below. Superannuation entities that are PSTs please do not fill out this item – fill out item 1.3 instead.
1.3. Units issued (PST only)
This item is to be completed only by superannuation entities that are PSTs. (Other entities please complete items 1.1 and 1.2 instead.) Record the dollar value of contributions received and receivable from Pooled Superannuation Trust (PST) members for the year, including contributions from self-employed members.
Important!
If the superannuation entity classifies itself as a PST under SRF 250.0 Superannuation Entity Profile item 6.1, then units issued should be disclosed under SRF 200.0 Statement of Financial Performance item 1.3.
1.4. Other (provide details in Table 1 below)
Record all other contributions income that is not appropriately recorded in items 1.1 to 1.3. Provide details in Table 1 giving a description and amount for each type of ‘other’ contribution. Includes (but is not limited to):
compensation-based contributions;
spouse contributions i.e. contributions made by the member’s spouse on behalf of the member;
child contributions; and
Federal government co-contributions.
1.5. Total contributions
The sum of the Contribution Revenue items 1.1 to 1.4
Rollovers
2.1. Members’ benefits received
Record the gross value of member’s benefits that have been rolled over/transferred in to the reporting superannuation entity from another superannuation entity. Include amounts received on behalf of both new and existing members. Include rollovers/transfers between superannuation entities where a single employer sponsors several superannuation entities, but not between sub-plans of a single master trust.
Do not include amounts that are new to the superannuation system (i.e. do not include amounts that have not been received by a previous superannuation entity) as these are included in item 1 above.
2.2. Members’ benefits paid
Record the total value of member benefit entitlements that have been rolled over/transferred out to another superannuation entity (either directly or via a third party), whether at the request of a member/beneficiary or automatically rolled over. At balance date the funds have either been paid or are payable. Show the amount before tax, but net of the superannuation entity’s fees and charges (e.g. exit fees).
Includes (but is not limited to):
monies of lost members and other amounts transferred to an eligible rollover entity;
rollovers/transfers between superannuation entities where a single employer sponsors several superannuation entities (but not between sub-plans of a single master trust);
amounts used to purchase a pension or annuity;
insured amounts paid to members or beneficiaries (the proceeds received from insurance policies should also be separately disclosed in item 6); and
the rollover portion of a benefit payment which includes non-rollover components (such as a cash payment to a member).
Do not include amounts that are paid to a source other than a superannuation entity, for example cash payments to members. These should be included at item 5 below. Where a benefit includes sub-components (e.g. lump sum cash payment, lump sum rollover, pension payment) each component should be reported separately under the relevant items 5.1 to 5.10 below (for cash payments of lump sums or pensions) or 2.2 above (for rollovers).
2.3. Net rollovers
Represents item 2.1 less item 2.2.
Repatriation to employer sponsor
Where the superannuation entity has repatriated funds to an employer sponsor, report the value of the funds repatriated.
Do not include other types of payments to the employer sponsor – these should be included in the relevant section of this form (for example, administration fees paid to the employer sponsor should be included at item 18.3).
Contribution tax and surcharge
All tax amounts should be determined in accordance with current Australian Accounting Standards.
For items 4.1 and 4.2, record contribution tax and surcharge as positive numbers.
4.1. Contribution tax
This amount represents the tax expense in relation to taxable contributions made into the superannuation entity during the year, and specified rollover amounts. Contributions tax should be reported if the superannuation entity has employer contributions in SRF 200.0 Statement of Financial Performance item 1.1. Report all contributions tax at this item, not at item 20 ‘Tax expense on net operating performance’.
The contribution tax amount disclosed under item 4.1 is to be deducted from item 20 ‘Tax expense on net operating performance’.
4.2. Contribution surcharge
This amount represents the surcharge expense for the year. This is represented by the amount paid by the superannuation entity to the Australian Taxation Office, plus any amount taken up as a liability by the superannuation entity for any unpaid surcharge as at the end of the year, less any liability for unpaid surcharge taken up at the end of the previous year.
4.3. Total contribution tax and surcharge
Represents the sum of items 4.1 and 4.2.
Benefit payments (Do not include rollovers – these should be included in item 2)
Show the amount of benefits expense gross (i.e. before tax on cash payments is deducted), but net of the superannuation entity’s fees and charges (e.g. exit fees). Include insured amounts paid to members or beneficiaries. (The proceeds received from insurance policies should also be separately disclosed in item 6).
Items 5.1 to 5.9 refer to benefit payments made direct to members and consequently:
Member benefits rolled over or transferred to other superannuation entities should be included in item 2.2 and not under item 5.
The benefits expense value disclosed should be the benefits paid and payable to members exiting during the year. It should not be reported as the change in accrued benefit liabilities of all members.
Where a benefit includes sub-components (e.g. lump sum cash payment, lump sum rollover, pension payment) each component should be reported separately under the relevant items 5.1 to 5.10 below (for cash payments of lump sums or pensions) or 2.2 above (for rollovers).
APRA will accept reporting of benefit payments on a ‘where known’ basis. Where the break-down of benefit payments is not known, APRA will accept reporting of unclassifiable benefits in item 5.9 ‘Other types of lump sum benefit payments’
Benefit payments for the purpose of this item are broken into the following categories:
Lump sum benefit payments. These are to be reported according to the classifications in items 5.1 to 5.9; and
Pensions. These are to be reported in aggregate in item 5.10.
Lump sum benefits:
Trustees of superannuation entities that are PSTs must not fill out items 5.1 to 5.7 – fill out item 5.8 instead. All superannuation entities should classify lump sum benefit payments into the following classifications in items 5.1 to 5.9:
Note that lump sum rollovers should be included in item 2.2 and not under item 5.
5.1. Death
Report the expense for benefits that have been paid by the Trustee to the nominated beneficiary/dependent or the deceased member’s estate due to the death of a member.
Note that the majority of death benefits paid on behalf of deceased members are partially or fully recoverable from the insurer and it is industry practice to pay the benefit in the same period in which it is received from the insurer. Therefore if there is a balance in item 5.1, there should also be a balance in item 6.1.
5.2. Retirement benefit
Report the expense for benefits paid to members as a result of retirement.
Note that retirement benefits may be rolled over to an allocated pension plan. If a transfer is to:
another superannuation entity, then report the retirement benefit in item 2.2 ‘Members’ benefits paid’; or
a pension provided by the same superannuation entity, then report the actual amount paid as a pension in the year under item 5.10 ‘Pensions’.
5.3. Retrenchment/redundancies
Report the expense for benefits paid to members as a result of retrenchment or redundancy.
5.4. Disability benefits
Report the expense for benefits paid to members resulting from total and permanent disability, and for temporary disability/income protection paid to members.
Note that the majority of disability benefits paid to members are partially or fully recoverable from the insurer and it is industry practice to pay the benefit in the same period in which it is received from the insurer. Therefore if there is a balance in item 5.4, there should also be a balance in item 6.2.
5.5. Resignation
Report the expense for benefits paid to members as a result of member resignation from the employer.
5.6. Financial hardship
Report the expense for benefits paid to members by the Trustee(s) under the early release provisions relating to grounds of severe financial hardship.
5.7. Compassionate grounds
Report the expense for benefits paid to members by the Trustee(s) under the early release provisions relating to compassionate grounds.
5.8. Payments to unit holders (PST only)
This item is to be completed only by superannuation entities that are PSTs. (Other entities please complete items 5.1 to 5.7 and/or items 5.9 and 5.10 instead.) Report the expense for payments to unit holders.
5.9. Other types of lump sum benefit payments
Report the total of other lump sum benefit payments not appropriately disclosed in items 5.1 to 5.8.
Pension benefits
5.10. Pensions
Report the total value of benefits paid to members in the form of a pension. Includes complying pension, allocated pension and annuity payments. Do not include amounts resulting from the commutation of pension benefits – these should be included in items 5.1 to 5.9 above as appropriate.
5.11. Total benefit payments
Represents the sum of values reported at items 5.1 to 5.10.
Proceeds on insurance policies
If the breakdown of death and disability insurance proceeds is not known by the superannuation entity, report proceeds from insurers received as a result of the death of a member, under item 6.1 ‘Death’. The remaining insurance proceeds can be reported as disability under item 6.2 ‘Disability’.
6.1. Death
Report the proceeds received and/or accrued for the year in relation to the death of members.
Note that the majority of death benefits paid on behalf of deceased members are partially or fully recoverable from the insurer and it is industry practice to pay the benefit in the same period in which it is received from the insurer. Therefore if there is a balance in item 6.1, there should also be a balance in item 5.1.
6.2. Disability
Report proceeds received and/or accrued in relation to disability of members, including amounts for total and permanent disability and temporary disability/income protection.
Note that the majority of disability benefits paid to members are partially or fully recoverable from the insurer and it is industry practice to pay the benefit in the same period in which it is received from the insurer. Therefore if there is a balance in item 6.2, there should also be a balance in item 5.4.
6.3. Total proceeds on insurance policies
Represents the sum of item 6.1 and item 6.2.
Member’s death and/or disability insurance premiums expense
Represents members’ death and disability insurance premiums paid or payable for the year.
Rebates received – members’ death and disability insurance
Report any rebates received or accrued from insurers in relation to death and disability insurance premiums for the year.
Net cost of member benefit insurance
Represents item 7 minus item 8.
Investment income
Show investment income gross of direct investment expenses (where there is a separately identifiable charge to the superannuation entity and where this charge is actually paid by the superannuation entity). For example, the following expenses should be included within the gross investment income (where applicable - consider the instructions below):
fees and deductions associated with the generation of income on the investment portfolio of the superannuation entity – the amounts paid over to a third party should also be shown separately under item 17 ‘Investment expenses’.
Important!
In the same manner as detailed under item 1 ‘Contribution Revenue’:
Where investment income is received gross by the superannuation entity (for example the entity holds a discrete managed portfolio) and the entity pays the investment manager expenses directly, the fees should be disclosed under item 17.
Where the superannuation entity holds investments in, for example:
unitised products;
pooled superannuation trusts; and/or
life office policies
the net change in unit price will usually be paid to the superannuation entity. As the change in unit price is net of investment charges and tax, the superannuation entity is not responsible for paying these fees. Consequently these expenses are not required to be disclosed by the entity. APRA does not expect the superannuation entity to gross up the change in unit price to obtain a gross investment income value.
Do not include changes in net market value of investments – these should be included at item 12.
Disclosures regarding investment income for investments:
held in cash management trusts - report income as ‘interest’ at item 10.1;
held in individually managed mandates/portfolios - are required to be disclosed on a look-through basis, consistent with the disclosures for directly-held investments i.e. the income on underlying investments in the portfolio must be analysed and reported separately; and
held with external investment managers should be disclosed under the appropriate category (for example income on a PST should be disclosed under item 12.6) but a look-through basis is not required.
Note that any ‘other’ investment income not included at items 10.1 to 10.4 should be included at item 14 ‘Other investment income’.
Important!
For item 10, disclose investment income received and receivable as a positive number. Investment revenue should only be recorded as a negative number when losses have occurred.
10.1. Interest
Interest is the income normally receivable on assets such as deposits, loans, bonds, and accounts receivable. Interest must be recognised and measured in accordance with current Australian Accounting Standards, UIG Consensus Views and other mandatory professional reporting requirements. This will mean that interest income is recognised on an accrual basis, unless the asset is considered to be impaired/non-performing in which case interest is to be recognised on a cash basis. Includes (but is not limited to):
Coupon payments from fixed interest securities (i.e. Commonwealth government bonds);
earnings on discounted securities (i.e. bank accepted bills);
interest from deposits with banks and non-bank financial institutions;
interest from loans and advances (to related and unrelated entities); and
interest on finance leases.
For the purposes of this form, interest income is to be disclosed as a single line item.
10.2. Dividends
Dividend income is the income received/receivable on assets such as shares and other equity type investments in either listed or unlisted vehicles.
This includes dividends from investments in equity securities directly held by the superannuation entity (i.e. acquired from internal investment management) and underlying equity investments that form part of an external individually managed mandate.
If a superannuation entity reports dividend income being received under item 10.2, then it should disclose all imputation credits associated with this income under item 20.1.1.
10.3. Rent
Record all rental income from property investments as a single line item. This includes property directly held by the superannuation entity (i.e. acquired from internal investment management) and underlying property investments that form part of an external individually managed mandate.
10.4. Trust distributions
The distributions received or receivable from investments in Pooled Superannuation Trusts, other listed unit trusts, and unlisted trusts.
10.5. Total investment income/distributions
Represents the sum of items 10.1 to 10.4.
Note that ‘other’ investment income not included at items 10.1 to 10.4, such as fee and investment rebates, should be included at item 14.
10.6. Doubtful debts/bad debts expense
Report the value of doubtful debts expense (i.e. where a provision for doubtful debts has been raised) and/or bad debts written off directly against income (i.e. where there was no provision for doubtful debts), in relation to any accrued income disclosed in items 10.1 to 10.5.
For the purposes of this form, doubtful debts means it is no longer considered probable that amounts of principal market value and any associated amounts of accrued income (e.g. interest, dividends, distributions associated with the debtor) will be able to be collected by the superannuation entity.
Note that the doubtful debts/bad debts expense balance within item 10.6 should be less than the total amount of debtors in item 11.3 ‘Total foreign exchange gains/losses (realised and unrealised)’. If it is greater, this indicates an error in the completion of the form.
10.7. Total investment income/distributions after doubtful debts expense
Represents item 10.5 less item 10.6.
Foreign exchange (FX) gains/losses (realised and unrealised)
11.1. Physical (i.e. underlying investment funds)
Report any realised/unrealised foreign exchange gains/losses relating to the translation/conversion of all investments of the superannuation entity (except derivatives which are disclosed in item 11.2) which are denominated in a currency other than the Australian dollar (AUD). A look-through basis is not required.
Do not report gains or losses attributable to the movement in the market value of the underlying investments that are denominated in a foreign currency, these are to be reported under item 12 ‘Change in net market value of investments’. Only report the gain/loss that is attributable to movements in the currency in which investments are denominated, relative to the AUD. .
For item 11.1, record gains as a positive number and losses as a negative number.
11.2. Derivatives
Report any realised/unrealised foreign exchange gains/losses relating to the currency translation/conversion of derivative contracts that are:
directly held; and/or
held as part of an external individually managed mandate (i.e. item 11.2 relates to all derivatives).
Such contracts may be held in relation to the underlying investment portfolios (e.g. as hedges of the interest rate or equity investment portfolios) or as outright position taking to alter the asset allocation strategy.
Note that if a superannuation entity reports FX gains/losses on derivatives under item 11.2, then a derivative position and a derivative holding should be disclosed within SRF 210.0 Statement of Financial Position item 3.4 ‘Derivatives financial instruments’ and item 6 ‘Derivative financial instruments’.
Do not report that component of the gain or loss that is attributable to the movement in the market value of the underlying derivative positions that are denominated in a foreign currency, these are to be reported under item 12.4 'Change in net market value of investments – Derivative financial instruments’. Only report the gain/loss that is attributable to movements in the currency in which the derivative contract is denominated, relative to the AUD. .
For item 11.2, record gains as a positive number and losses as a negative number.
11.3. Total foreign exchange gains/losses (realised and unrealised)
Record the total foreign exchange gains/losses for physical and derivative investments (realised and unrealised). This represents the sum of items 11.1 and 11.2.
Note that if a superannuation entity reports investments with a source currency other than the AUD in SRF 210.0 Statement of Financial Position item 3.9 ‘Total Investments’, then an FX gain or loss should be reported within item 11.3.
Change in net market value of investments classified into the following:
Unrealised gains/losses
AAS 25 requires that superannuation entity assets be recorded at Net Market Value. The change in the net market value is the increase or decrease in the market value of each asset compared to the value of that asset at the beginning of the financial year. These assets are still owned by the entity at the end of the year, they have not been disposed of, and as a result, the gains or losses on the assets are unrealised. If the assets are disposed of during the year, then the gains or losses are realised and are to be disclosed separately under the column ‘Realised Gains/Losses’.
Only include the movement in the net market value of the asset in this column. Do not include the movement in the value of the currency relative to the Australian dollar if the asset is denominated in a currency other than the Australian dollar. Movements in value attributable to the movements in exchange rates are to be separately disclosed under item 11 “Foreign exchange gains/losses (realised and unrealised)”.
Where applicable unrealised gains and losses are to be reported for each of the following asset classes/categories listed below (item numbers 12.1 to 12.9).
Important!
For item 12, record gains as a positive number and losses as a negative number.
Realised gains/losses
Where the superannuation entity disposed of an asset during the reporting year, the value of the gain or loss from the disposal is to be reported in this column against the appropriate line item listed (i.e. item numbers 12.1. to 12.9).
If an asset has not been disposed of during the annual reporting period, then any gains or losses are unrealised and are to be disclosed separately against the appropriate line item (12.1 to 12.9) under the column ’Unrealised Gains/Losses’.
Only include the movement in the market value of the asset, do not include the movement in the value of the currency relative to the Australian dollar if the asset is denominated in a currency other than the Australian dollar. Movements in value attributable to the movements in exchange rates are to be separately disclosed under item 11 ‘Foreign exchange gains/losses (realised and unrealised)’.
Realised gains and losses are to be reported for each of the following asset classes/categories listed below (item numbers 12.1 to 12.9).
Important!
For item 12, record gains as a positive number and losses as a negative number.
12.1. Deposits, placements, loans and debt securities
Report gains/losses associated with the superannuation entity’s direct holdings of deposits, placements, loans and debt securities. Direct holdings refer to investments made by the superannuation entity resulting from internal investment management.
In accordance with the basis of reporting outlined in the “Reporting Requirements and General Instruction Guide”, include gains and losses on investments made by the superannuation entity resulting from ‘internal’ investment management, plus the underlying investments subject to external individually managed mandates/portfolios, in the nature of those investments reported in PART A ‘Deposits, Placements, Loans and Debt Securities’ in SRF 210.1 Selected Disclosure of Investments.
Exclude
Gains and losses associated with the investment in cash management trusts. These are to be reported in item 12.9 ‘Investments in unlisted retail/public offer unit trusts’; and
Gains/losses on interest rate related derivative financial instruments. These are to be disclosed separately under the item 12.4 ’Derivative financial instruments’.
12.2. Equity securities of listed corporations and units in listed unit trusts
This includes gains/losses on the superannuation entity’s investment in equity securities and unit trusts that are listed on recognised stock exchanges (e.g. The Australian Stock Exchange).
Include
In accordance with the basis of reporting outlined in the “Reporting Requirements and General Instruction Guide”, include gains and losses on investments made by the superannuation entity resulting from ‘internal’ investment management, plus the underlying investments subject to external individually managed mandates/portfolios
Exclude
Gains/losses on equity related derivative contracts. These are to be disclosed separately under the item 12.4 ‘Derivative financial instruments’; and
Gains/losses on direct investments in PSTs. These are disclosed separately under item 12.6 ‘Pooled super trusts’.
12.3. Equity securities of unlisted corporations, units in unlisted private trusts and ventures
This includes gains/losses on the superannuation entity’s investment in equity securities of unlisted corporations and units in unlisted private trusts in the nature of those reported in Part B in SRF 210.1 Selected Disclosure of Investments.
Exclude
Gains/losses on direct investments in PSTs. These are disclosed separately under item 12.6 ‘Pooled super trusts’.
12.4. Derivative financial instruments
Report unrealised and realised gains/losses attributable to the movement in net market value of the superannuation entity’s derivative exposures that are:
directly held; and/or
held as part of an external individually managed mandate (i.e. item 12.4 relates to all derivatives).
Exclude
Unrealised or realised gains/losses relating to the currency translation of foreign currency derivative contracts. These are to be separately disclosed under the heading 11.2. ‘Derivatives – Foreign exchange gains/losses (realised and unrealised)’.
12.5. Direct property investments
Report unrealised and realised gains/losses associated with the superannuation entity’s direct investment in property assets, such as those referred to in Part E in SRF 210.1 Selected Disclosure of Investments.
Exclude
Do not include gains/losses on investments in:
Listed property trusts. These are reported in items 12.2 ‘Equity securities of listed corporations and units in listed unit trusts’; and
Unlisted private property unit trusts. These are reported in item 12.3. ‘Equity securities of unlisted corporations, units in unlisted private trusts and ventures’; and
Unlisted public offer/retail property trusts. These are reported in item 12.9. ‘Investments in unlisted retail/public offer unit trusts’.
12.6. Pooled super trusts
Report unrealised and realised gains/losses associated with the superannuation entity’s investments in pooled super trusts.
12.7. Wholesale trusts
A wholesale trust is usually only open to institutional investors and has a high entry level. An information memorandum is usually issued rather than a prospectus. Report unrealised and realised gains/losses associated with the investments in wholesale trusts, other than PSTs (item 12.6), listed unit trusts (item 12.2) or unlisted retail/public offer trusts (item 12.9).
12.8. Investments and/or insurance policies held in the statutory funds of life companies
Life insurance business must be conducted through separately accounted ‘statutory funds’ within a life insurer. Report here unrealised and realised gains/losses associated with the investments in insurance or life policies.
Include:
The change in net market value of unit-linked insurance or investment policies regardless of who manages the underlying assets of these policies/products, or how the underlying assets are distributed/invested; and
The change in net market value of policies in respect of death, total, permanent or temporary disablement.
If the superannuation entity invests in statutory funds of a life insurer and does not know the realised gains and losses, the superannuation entity should only account for the total change in net market value.
APRA will accept an estimate to be used to calculate realised and unrealised gains and losses on a pro rata basis under item 12.8.
12.9. Investments in unlisted retail/public offer unit trusts
Report unrealised and realised gains/losses associated with the investments in unlisted retail/public offer unit trusts. Includes (but is not limited to):
Changes in net market value of investments in unlisted retail/public offer cash management unit trusts; and
Changes in net market value of investments in the nature of those reported in Part C ‘Interest in Unlisted Retail/Public Offer Trusts’, of SRF 210.1 Selected Disclosure of Investments.
12.10. Other
Disclose the unrealised and realised gain/loss for all other investments not separately reported in items 12.1. to 12.9. Include in Table 2 a description and amount for each type of ‘other’ change in net market value of investments.
12.11. Total gains/losses on investments
Represents the value of the total for each column – ‘Unrealised gains/losses’ and ‘Realised gains and losses’ – reported in line item numbers 12.1 to 12.9.
If a superannuation entity discloses investments under SRF 200.0 Statement of Financial Performance item 12.11, then investments should also be reported under SRF 210.0 Statement of Financial Position item 3.9 ‘Total investments’.
Fees and commissions
Include fees and commissions income earned by the superannuation entity for the following:
13.1. Scrip lending
Record any fee income associated with scrip lending activities of the superannuation entity. This refers to the situation where the superannuation entity buys/borrows securities from another party in exchange for cash. The superannuation entity agrees to return the securities to the other party in the future in exchange for the return of the cash (plus an additional amount of earnings, fees or commissions).
13.2. Underwriting activity
Record any fee income or commission associated with the superannuation entity providing or guaranteeing to underwrite the issue of securities (e.g. equity securities).
13.3. Other (provide details in Table 3 below)
Record the total of any fee or commission income associated with any other form of investment activities or member activities of the superannuation entity that are not separately disclosed above.
For a number of superannuation entities if the fees, once collected, are then paid over to a third party then these will be included as income under item 13 and also as expenses to the entity under item 18.
However, Table 3 should not include fees which have already been disclosed, in another item, for example, entry fees incorporated as part of the gross contributions balance reported under SRF 200.0 Statement of Financial Performance item 1.
Please provide details, including a description and amount for each ‘other’ type of fees and commissions, in Table 3 ‘Other Fees and Commissions’.
13.4. Total fees and commissions
Represents the total of items 13.1 to 13.3.
Other investment income
Disclose any other investment income under this heading that has not already been included above in this form (refer specifically item 10). Provide details including a description and amount for each type of ‘other investment income’ in Table 4. Note that the ‘other investment income’ balance disclosed in the table must be positive.
Fee related income rebates, including those for wholesale investments, should be disclosed within other investment income. These rebates must be disclosed on a gross basis and be reported as income. Fee related income rebates must not be netted off against expenditure (i.e. the investment expenditure within item 17) or included as unrealised gains and losses.
14.1. Total other investment income
Represents the sum of all items reported in item 14.0.
Other income
Include income earned that does not fall within the specific items recorded in items 1 to 14 above. Provide details including a description and amount for each type of ‘other income’ in Table 5.
15.1. Total other income
Represents the sum of all items reported in item 15.0.
Total income
Represents the total of the following items:
Add:
1.5. Total contributions; and
2.3. Net rollovers.
Less:
3.0. Repatriation to employer sponsor;
4.3. Contribution tax and surcharge;
5.11. Total benefit payments; and
9.0. Net cost of member benefit insurance.
Add:
6.3. Total proceeds on insurance policies;
10.7. Total investment income/distributions after doubtful debts expense;
11.3. Total foreign exchange gains/losses (realised & unrealised);
12.11. Total gains/losses on investments – unrealised gains/losses;
12.11. Total gains/losses on investments – realised gains/losses;
13.4. Total fees and commissions;
14.1. Total other investment income; and
15.1. Total other income.
Investment expenses
Include all expenses which are associated with the generation of income on the investment portfolio of the superannuation entity, under the most relevant item from 17.1 to 17.5 below. Do not include expenses of an administrative or operating nature – these are separately disclosed in item 18 below.
Important!
Disclose all expenses here which are deductible from the gross investment income reported in item 10 to arrive at net investment income and which the superannuation entity pays directly to a third party. They should not be reported under item 18.
Important!
Do not net the following revenue items off against investment expenses:
fee related income rebates off against investment expenses; or
rebates provided by investment managers (often in the form of extra units when investment performance does not meet targets).
These should be included under item 14 ‘Other investment income’ instead.
Commissions or deductions should be shown on a gross basis here and should not be used to reduce the income on investments at items 10, 11 and 12. For example, where there is a separately identifiable charge to the superannuation entity, fees charged by the investment manager should not be netted against investment income.
17.1. Investment management fees
Record the amount of fee expense of the superannuation entity that relates to the management of the superannuation entity’s investment portfolios. Include fees paid to investment managers, including independent third parties as well as related entities of the superannuation entity.
17.2. Custodian fees
Report the expense of the superannuation entity that was incurred in relation to custodial services rendered to the superannuation entity. A custodian is an entity that holds title of the assets on behalf of the superannuation entity, but where the powers of investment management remain with the Trustee.
Note that where a superannuation entity utilises the services of a custodian and discloses these under SRF 250.0 Superannuation Entity Profile item 5.2, it is expected that custodian fees will also be reported under SRF 200.0 Statement of Financial Performance item 17.2.
17.3. Property maintenance costs
Report all costs relating to an investment in property. Includes (but is not limited to):
Repairs and maintenance;
Ongoing running costs;
Property management fees;
Valuation fees; and
Stamp duty.
17.4. Asset consultant fees
Record the expense for fees paid/payable to asset consultants engaged by the trustees, in relation to the management of the superannuation entity’s investment portfolios. Include fees paid to independent third parties as well as related entities of the superannuation entity.
17.5. Other investment expenses (provide details in Table 6 below)
Report the total of any other investment expenses under this heading that have not already been included in items 17.1 to 17.4. For example, bank fees, commissions expense, brokerage and transaction costs (excluding those already reported per items 17.1 to 17.4 above) may be included in this item. Provide details of the amount and type of each ’other’ investment expense in Table 6 below.
17.6. Total investment expenses
Represents the sum of items 17.1 to 17.5.
Operating expenses
Include expenses incurred which are not ordinarily directly associated with the generation of investment income (i.e. expenses that are not directly related to the investment portfolio of the superannuation entity but more towards the administration of the superannuation entity). Expenses should be recorded inclusive of GST but net of any RITC (Reduced Input Tax Credit) that can be claimed.
Note that where trustee expenses are paid direct by the superannuation entity and include marketing, office, staff, etc they should be split as follows:
Trustee remuneration and trustee specific expenses (i.e. travel claim) are to be reported in item 18.5; and
Expenses for office, staff, and trustee indemnity insurance are to be reported at either 18.3 or 18.7.
18.1. Interest expense
Any interest expense paid or payable by the superannuation entity is to be recorded in this item.
18.2. Management fees (other than investment management)
Report in this item any fees paid/payable by the entity for management services provided to the superannuation entity.
Include the following in this item
consulting fees; and
management fees collected by the superannuation entity from members’ account, i.e. fees earned based on a % of the funds under management, which are then paid over to a third party. Include trailing commissions paid to third parties such as financial advisors.
Exclude fees for the following in this item:
Investment management fees (these are reported under ‘Investment Expenses’ in item 17.1);
Custodian fees (these are reported under ‘ Investment Expenses’ in point 17.2);
Administration and actuarial fees (these are reported under ‘Operating Expenses’ in items 18.3 and 18.4); and
Directors/Trustee remuneration and expenses (these are reported in under ‘Operating Expenses’ in item 18.5).
18.3. Administration fees
Report in this item any fees paid/payable by the superannuation entity for administration services provided to the superannuation entity. May include (but is not limited to):
All internal or outsourced administration costs (unless these are charged directly to the employer or union sponsor);
Administration fees charged by/paid to the employer sponsor for services rendered to the superannuation entity;
Expenses incurred to administer switches of members’ investment choices (but not investment manager fees or other investment expenses already included in item 17 above); and
Employee costs such as salaries and on-costs for direct employees of the superannuation entity.
Exclude fees for the following in this item
Investment management services, these are reported as ‘Investment Management Fees’ in item 17.1;
Custodian fees, these are reported under ‘Investment Expenses’ in item 17.2; and
Directors/Trustee remuneration and expenses, these are reported under ‘Operating Expenses’ in item 18.5).
18.4. Actuary fees
Report in this item any fees paid/payable by the superannuation entity for actuarial services/reviews commissioned.
18.5. Directors/Trustee fees/expenses
Report in this item fees paid/payable by the superannuation entity to the Directors/Trustee(s) for the services in carrying out the functions of a trustee/director, including any consulting or administration services provided. Do not include amounts paid to Directors/Trustee(s) that represent a direct reimbursement of expenses incurred by the Directors/Trustee(s) on behalf of the superannuation entity. Do not include the expense for Trustee indemnity insurance (this is included at item 18.7 below). Do not include commissions collected by the trustee for payment to a third party.
18.6. Fees paid to auditor of the superannuation entity for provision of:
Report in this item any fees and expenses paid/payable by the superannuation entity to the external audit firm for the rendering of the following professional services:
18.6.1. External audit and compliance services
(Includes fees for the annual statutory and compliance audit, and for the audit of the APRA Annual Return.)
18.6.2. Internal audit services
18.6.3. Other services
18.7. Other (please provide details in Table 7 below)
Disclose any other operating expenses under this heading that have not already been included above in items 18.1 to 18.6 of this form. Please provide in Table 7 a brief description of the nature and amount of each item of expense reported in this section.
Amounts disclosed under item 18.7 could include (but are not limited to):
Commissions or deductions from contributions which are then paid out to a third party, such as entry and deferred entry fees, should be shown here. They should not be used to reduce contribution income at item 1 or reported under item 17 ‘Investment expenses’;
APRA levy and Financial Assistance Funding Levy;
Trustee indemnity insurance premiums;
Legal fees;
Travel and entertainment; and
Training, seminars and subscriptions.
Do not show bad or doubtful debts expense here. This should be shown at item 10.6 above.
18.8. Total Operating Expenses
Represents the total of the operating expenses disclosed in items 18.1 to 18.7 above.
Net operating performance before tax expense
This amount represents the following:
Item 16. Total Income; LESS
Item 17.6.Total Investment Expenses; LESS
Item 18.8 Total Operating Expenses.
Tax expense on net operating performance
This amount represents the tax expense associated with item 19, calculated in accordance with current Australian Accounting Standards, excluding the tax expense in relation to taxable contributions made into the superannuation entity (already reported at item 4.1) i.e. the tax expense on net operating performance should equate to the superannuation entities’ reported tax expense less the amount of tax allowed for employer contributions, deductible personal contributions and superannuation surcharge.
The expected tax expense on net operating performance as disclosed in SRF 200.0 Statement of Financial Performance should approximate to:
Tax expense – as shown in the superannuation entities’ financial statements; LESS
Contribution tax - as calculated at item 4.1 ‘Contribution Tax’.
For the purposes of annual reporting the superannuation entity must calculate the tax expense and liability.
Record item 20 ‘Tax expense on net operating performance’ as a positive number. If however, item 20 is a negative number, the amount disclosed should be a negative number and not zero. In line with the Warning validation rule, the user will have to provide confirmation and a description in support of the negative balance prior to the form being validated.
NOTE: Amounts disclosed in items 20.1.1 to 20.1.5., where appropriate, are already included in the calculation of item 20 ‘Tax expense on net operating performance’. Items 20.1.1 to 20.1.5 request the disclosure of these items only. These should not be added in the calculation of item 21 as they are already reflected in the total recorded for item 20.
20.1.1. Total imputation credits
Report the total value of dividend imputation credits associated with total dividend income received. This amount is not added into the calculation of total dividend income (item 10.2) or total investment income (items 10.7 and 14.1).
A complying superannuation entity which receives Australian company dividends will have its assessable income for taxation purposes grossed up to include the amount of any imputation credits attaching to those dividends (i.e. represents the company taxation paid in relation to those dividends). The superannuation entity is then entitled to a taxation rebate of the full amount of the imputation credits.
Important!
If a superannuation entity has imputation credits reported under item 20.1.1, then it must be in receipt of dividend income with which the credits are associated. This dividend income should be disclosed under item 10.2
Imputation credits can also be received through distributions by Unit Trusts.
20.1.2. Total foreign tax credits
A superannuation entity is entitled to a credit for taxation paid on foreign income up to the amount of Australian tax payable in respect of that income.
Important!
When a superannuation entity reports foreign tax credits under SRF 200.0 Statement of Financial Performance item 20.1.2, APRA expects the entity to also report holdings of investments outside Australia in SRF 210.0 Statement of Financial Position item 3.9 ‘Total investments’. As a consequence of this, the amount included under item 3.9 in the ‘total net market value’ column should be greater than the amount included under item 3.9 in the ‘net market value in Australia’ column.
Investments outside Australia are investments which are managed by an investment manager who does not have an Australian operation, and the contract to manage the investment is not with an Australian resident manager.
20.1.3. Loan interest rebate
Superannuation entities that receive interest in respect of Commonwealth, State or semi-government securities issued before 1 November 1968 are entitled to a rebate of taxation calculated at 10 cents for each dollar of interest received.
20.1.4. Reversionary bonus rebate
A complying superannuation entity is entitled to a rebate of tax under ITAA 36 section 160AAB (5A) where an “eligible 26 AH amount” is included in its assessable income under ITAA36 section 26AH. These amounts are reversionary bonuses (i.e. bonuses paid on maturity, forfeiture or surrender of a life assurance policy) received under short-term life assurance policies issued by a life office whose investment income was not tax exempt or by an SGIO or friendly society. The rebate can be offset against tax payable from any source, but is not refundable.
20.1.5. Total trust distributions that are exempt from taxation
Report all distributions from trusts that are not subject to taxation in the hands of the superannuation entity. This may include distributions from Pooled Superannuation Trusts or a distribution of capital by a trust.
Tax exempt distributions should also be included in item 20.1.5 when applicable to the superannuation entity. Tax deferred distributions must not be included.
Net operating performance after income tax expense
This amount represents item 19 ‘Net operating performance before tax expense’ less item 20 ‘Tax expense on net operating performance’.
With regards to an accumulation entity, the expectation is for this balance LESS the benefits paid (shown in item 5.11 on SRF 200.0 Statement of Financial Performance) to equal to benefits accrued as a result of operations as disclosed per the superannuation entities financial statements.
With regards to a defined benefit entity, a similar reconciliation will be performed.
Net assets available to pay benefits at the beginning of the financial year
Report in this field the value of net assets of the superannuation entity available to pay member benefits as at the beginning of the financial year. This amount should be equal to:
item 12 on SRF 210.0 Statement of Financial Position per the APRA return for the previous financial year; or
to net assets available to pay member benefits as at the beginning of the financial year as reported under item 12 on SRF 210.0 Statement of Financial Position in the previous quarter. Note that this option only applies to quarters 2, 3 and 4; and
item 23 on SRF 200.0 Statement of Financial Performance per the APRA return for the previous financial year.
Note that the opening balance of assets to pay benefits at the beginning of the financial year on the annual return under item 22 should equal the opening balance of assets to pay benefits on the quarterly returns under SRF 100.0 Statement of Financial Performance item 22.
Net assets available to pay benefits at the end of the financial year
This amount represents the sum of item 21. ‘Net operating performance after tax expense’ and item 22 ‘Net assets available to pay benefits at the beginning of the financial year’. Note that the net assets balance under item 23 should equal the net assets disclosed in SRF 210.0 Statement of Financial Position item 12 ‘Net assets available to pay benefits’. If this item is not the same as item 12 in SRF 210.0 Statement of Financial Position then the items responsible for the differences should be listed in Table 8 as requested at item 23.1
23.1. Other items required to reconcile item 23 to item 12 on SRF 210.0 Statement of Financial Position (provide details in table 8 below)
Report in Table 8 items required to reconcile item 23 ‘Net assets available to pay benefits at the end of the financial year’ to item 12 in SRF 210.0 Statement of Financial Position. For example, extraordinary items recognised in accordance with current Australian Accounting Standards that do not form part of the operating performance at item 21. Provide details including the description and amount of the reconciling items.