Reporting Standard SRS 210.0 (2005)
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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
This reporting standard requires trustees of APRA‑regulated superannuation entities (excluding small APRA funds, self‑managed funds and single‑member ADFs) to submit an annual Statement of Financial Position (Form SRF 210.0) to APRA for prudential supervision. It prescribes what data to report, valuation and ‘‘look‑through’’ rules for certain managed mandates, submission methods, digital authorisation and audit checks.
Trustees bear the compliance costs (data collection, audit, authorisation) and APRA can vary reporting frequency or waive procedural requirements; returns are due four months after period end.
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Direct links to the current provisions in Financial Sector (Collection of Data) determination No. 52 of 2005.
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires the trustee of a superannuation entity[1] to give APRA, on an annual basis, a statement of the entity’s financial position.
This reporting standard outlines the overall requirements for the provision of the required information to APRA. It should be read in conjunction with:
which are attached and form part of this reporting standard.
This reporting standard will apply, from the date of registration of the reporting standard on the Federal Register of Legislative Instruments, to each trustee of a relevant registered superannuation entity, as defined by paragraph 3.
A superannuation entity is a relevant registered superannuation entity if, at the end of the most recent reporting period for the entity, it was not:
(a) a small APRA fund;
(b) a self managed superannuation fund; or
(c) a single member approved deposit fund.
Note: Part 2B of the SIS Act makes provision for the registration of superannuation entities. However, although it is expected that most superannuation entities covered by this reporting standard will become registered under Part 2B, either during or after the licensing transition period referred to in the SIS Act, it is not a requirement of the definition of ‘relevant registered superannuation entity’ that a superannuation entity actually be registered under Part 2B. A superannuation entity will be a ‘relevant registered superannuation entity’ if it meets the definition in paragraph 3 of this reporting standard, even if it has not been registered under Part 2B. This note is inserted for the avoidance of doubt.
The trustee of a relevant registered superannuation entity must provide APRA with the information required by Form SRF 210.0, in respect of the entity, for each reporting period.
For the avoidance of doubt, if the trustee is trustee of more than one relevant registered superannuation entity, the trustee must separately provide the information required by the form for each of those relevant registered superannuation entities.
(a) where subparagraph (b) does not apply:
(i) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(ii) by manually completing Form SRF 210.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales; or
(b) by means of an agent to whom the trustee has outsourced the function of providing the information on the trustee’s behalf, in which case the agent must provide the information:
(i) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application: or
(ii) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under sub-subparagraph (i), by manually completing Form SRF 210.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Note: The ‘Direct to APRA’ software and relevant forms may be obtained from APRA.
Note: See paragraphs 12, 13 and 14 for requirements relating to the authorisation of information provided under this reporting standard (which differ depending on how the information is provided).
Reporting periods and due dates
Note: Under section 113 of the SIS Act there will be a requirement for the information to be audited, together with annual information required under other reporting standards.
(a) more frequently (if, having regard to the particular circumstances of the entity, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the entity); or
(b) less frequently (if, having regard to the particular circumstances of the entity and the extent to which it requires prudential supervision, APRA considers it unnecessary to require it to provide the information on an annual basis).
Note: The trustee must also give APRA an audit report relating to the information, and to annual information required under other reporting standards, within this time (see section 36 of the SIS Act).
The information provided by a trustee under this reporting standard must be the product of processes and controls that have been reviewed and tested by the auditor of the insurer. This will require the auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on an annual basis or more frequently if necessary to enable the auditor to form an opinion on the accuracy and reliability of the data.
The information provided by a trustee under this reporting standard must be the product of processes and controls developed by the trustee for the internal review and authorisation of that information. It is the responsibility of the trustee to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
(a) if the trustee uses the ‘Direct to APRA’ application under sub-subparagraph 6(a)(i), an officer of the trustee must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the trustee who have authority from the trustee to transmit data to APRA); and
(b) if the trustee provides the information on paper under sub-subparagraph 6(a)(ii), the completed form must be signed by an officer of the trustee who is authorised by the trustee to complete and lodge the form.
(a) the agent will not be required to sign or authorise the information; but
(b) the trustee must:
(i) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 6(b)(i) or (ii)); and
(ii) cause the paper copy to be signed by an officer of the trustee authorised by the trustee to sign the paper copy; and
(iii) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, determines to waive the requirement under this sub-subparagraph, in relation to the trustee, or a class of trustees of which the trustee is a member, or all trustees).
Note: APRA may, for example, determine to waive the requirement under sub-subparagraph 14(b)(iii) where a trustee has undertaken to retain the signed copy of the completed form for an agreed period of time.
Minor alterations to form and instructions
(a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or
(b) the instructions to a form, to clarify their application to the form
without changing any substantive requirement in the form or instructions.
Transitional
Interpretation
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998.
due date means the relevant due date under paragraph 10 or, if applicable, paragraph 11.
officer in relation to a trustee of a relevant registered superannuation entity means:
(a) if the trustee is a corporation – a director or officer of that corporation;
(b) if the trustee is a natural person – that person; or
(c) if two or more natural persons are trustees of the entity – one of those persons.
regulated superannuation fund has the meaning given by section 19 of the SIS Act.
relevant registered superannuation entity has the meaning given by paragraph 3 of this reporting standard.
reporting period means a period mentioned in paragraph 7 or, if applicable, paragraph 8.
self managed superannuation fund has the meaning given by section 17A of the SIS Act.
single-member approved deposit fund means an approved deposit fund (within the meaning of subsection 10(1) of the SIS Act) that has only one member.
SIS Act means the Superannuation Industry (Supervision) Act 1993.
small APRA fund means a regulated superannuation fund that has fewer than 5 members and is regulated by APRA under the SIS Act.
superannuation entity has the meaning given by subsection 10(1) of the SIS Act.
Note: Subsection 10(1) of the SIS Act provides that superannuation entity means a regulated superannuation fund, or an approved deposit fund, or a pooled superannuation trust (as defined in the SIS Act).
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires the trustee of a superannuation entity[1] to give APRA, on an annual basis, a statement of the entity’s financial position.
This reporting standard outlines the overall requirements for the provision of the required information to APRA. It should be read in conjunction with:
which are attached and form part of this reporting standard.
This reporting standard will apply, from the date of registration of the reporting standard on the Federal Register of Legislative Instruments, to each trustee of a relevant registered superannuation entity, as defined by paragraph 3.
A superannuation entity is a relevant registered superannuation entity if, at the end of the most recent reporting period for the entity, it was not:
(a) a small APRA fund;
(b) a self managed superannuation fund; or
(c) a single member approved deposit fund.
Note: Part 2B of the SIS Act makes provision for the registration of superannuation entities. However, although it is expected that most superannuation entities covered by this reporting standard will become registered under Part 2B, either during or after the licensing transition period referred to in the SIS Act, it is not a requirement of the definition of ‘relevant registered superannuation entity’ that a superannuation entity actually be registered under Part 2B. A superannuation entity will be a ‘relevant registered superannuation entity’ if it meets the definition in paragraph 3 of this reporting standard, even if it has not been registered under Part 2B. This note is inserted for the avoidance of doubt.
The trustee of a relevant registered superannuation entity must provide APRA with the information required by Form SRF 210.0, in respect of the entity, for each reporting period.
For the avoidance of doubt, if the trustee is trustee of more than one relevant registered superannuation entity, the trustee must separately provide the information required by the form for each of those relevant registered superannuation entities.
(a) where subparagraph (b) does not apply:
(i) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(ii) by manually completing Form SRF 210.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales; or
(b) by means of an agent to whom the trustee has outsourced the function of providing the information on the trustee’s behalf, in which case the agent must provide the information:
(i) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application: or
(ii) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under sub-subparagraph (i), by manually completing Form SRF 210.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Note: The ‘Direct to APRA’ software and relevant forms may be obtained from APRA.
Note: See paragraphs 12, 13 and 14 for requirements relating to the authorisation of information provided under this reporting standard (which differ depending on how the information is provided).
Reporting periods and due dates
Note: Under section 113 of the SIS Act there will be a requirement for the information to be audited, together with annual information required under other reporting standards.
(a) more frequently (if, having regard to the particular circumstances of the entity, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the entity); or
(b) less frequently (if, having regard to the particular circumstances of the entity and the extent to which it requires prudential supervision, APRA considers it unnecessary to require it to provide the information on an annual basis).
Note: The trustee must also give APRA an audit report relating to the information, and to annual information required under other reporting standards, within this time (see section 36 of the SIS Act).
The information provided by a trustee under this reporting standard must be the product of processes and controls that have been reviewed and tested by the auditor of the insurer. This will require the auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on an annual basis or more frequently if necessary to enable the auditor to form an opinion on the accuracy and reliability of the data.
The information provided by a trustee under this reporting standard must be the product of processes and controls developed by the trustee for the internal review and authorisation of that information. It is the responsibility of the trustee to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
(a) if the trustee uses the ‘Direct to APRA’ application under sub-subparagraph 6(a)(i), an officer of the trustee must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the trustee who have authority from the trustee to transmit data to APRA); and
(b) if the trustee provides the information on paper under sub-subparagraph 6(a)(ii), the completed form must be signed by an officer of the trustee who is authorised by the trustee to complete and lodge the form.
(a) the agent will not be required to sign or authorise the information; but
(b) the trustee must:
(i) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 6(b)(i) or (ii)); and
(ii) cause the paper copy to be signed by an officer of the trustee authorised by the trustee to sign the paper copy; and
(iii) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, determines to waive the requirement under this sub-subparagraph, in relation to the trustee, or a class of trustees of which the trustee is a member, or all trustees).
Note: APRA may, for example, determine to waive the requirement under sub-subparagraph 14(b)(iii) where a trustee has undertaken to retain the signed copy of the completed form for an agreed period of time.
Minor alterations to form and instructions
(a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or
(b) the instructions to a form, to clarify their application to the form
without changing any substantive requirement in the form or instructions.
Transitional
Interpretation
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998.
due date means the relevant due date under paragraph 10 or, if applicable, paragraph 11.
officer in relation to a trustee of a relevant registered superannuation entity means:
(a) if the trustee is a corporation – a director or officer of that corporation;
(b) if the trustee is a natural person – that person; or
(c) if two or more natural persons are trustees of the entity – one of those persons.
regulated superannuation fund has the meaning given by section 19 of the SIS Act.
relevant registered superannuation entity has the meaning given by paragraph 3 of this reporting standard.
reporting period means a period mentioned in paragraph 7 or, if applicable, paragraph 8.
self managed superannuation fund has the meaning given by section 17A of the SIS Act.
single-member approved deposit fund means an approved deposit fund (within the meaning of subsection 10(1) of the SIS Act) that has only one member.
SIS Act means the Superannuation Industry (Supervision) Act 1993.
small APRA fund means a regulated superannuation fund that has fewer than 5 members and is regulated by APRA under the SIS Act.
superannuation entity has the meaning given by subsection 10(1) of the SIS Act.
Note: Subsection 10(1) of the SIS Act provides that superannuation entity means a regulated superannuation fund, or an approved deposit fund, or a pooled superannuation trust (as defined in the SIS Act).
Completion of SRF 210.0 Statement of Financial Position
This form must be completed on an annual basis by all trustees of 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 their most recent year of income, that are required to complete SRF 110.0 Statement of Financial Position on a quarterly basis must also complete this form on an annual basis.)
If a trustee of 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 quarterly return.
Note: All forms included in the SRF 200 series should be submitted together as an annual return, not individually as separate forms.
Assets are to be measured at net market value.
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 interest). Where the transferee of the securities effectively receives a lenders rate of return (i.e. the underlying risks and rewards of ownership of the underlying securities effectively remain with the counterparty as transferor), these transactions are to be accounted for as collateralised lending activities (on-balance sheet exposures).
Under this method of accounting, the following treatment is to be applied:
Securities sold under agreements to repurchase should be recorded under item 7.1 below.
2.1. Total investment income receivable
Report the total of all investment income that is receivable by the superannuation entity. Includes (but is not limited to): Interest, dividends, unit trust distributions, and rental income that is accrued but not yet received. Do not include receivables relating to sales of investments or outstanding fees which are reported in item 2.8 ‘Other receivables’.
2.2. Provision for doubtful debts
Record the amount of any provision for bad and doubtful debts that relates to the receivables recorded in item 2.1 above.
Doubtful debt means it is no longer considered probable that amounts of accrued investment income (e.g. interest, dividends, distributions associated with the investment/asset) will be able to be collected by the superannuation entity.
2.3. Total investment income receivable net of provision for doubtful debts
Represents item 2.1 less item 2.2.
2.4. Member contributions receivable
Include contributions receivable (i.e. due but not received) from members as at end of the financial year, to the extend known. For further guidance as to what is included in ‘member’ contributions refer to the instructions for SRF 200.0 Statement of Financial Performance, in particular item 1.2 of that form.
2.5. Employer contributions receivable
Include contributions from employers which are receivable in respect of the reporting period (i.e. due but not received) by the superannuation entity, where known by the superannuation entity. For further guidance as to what is included in ‘employer’ contributions (including Superannuation Guarantee Contributions, award contributions, voluntary employer contributions, and salary sacrifice contributions) refer to the instructions for SRF 200.0 Statement of Financial Performance, in particular item 1.1 of that form. Superannuation entities for public sector employees please read item 2.6 below before completing this item.
2.6. Contributions receivable from the Government
Record amounts receivable from Commonwealth and State Governments in respect of recognised unfunded liabilities to superannuation entities for public sector employees. Contributions receivable from the government in respect of the reporting period, where these related to a fully funded superannuation entity for public sector employees, should be included under item 2.5 above.
2.7. Insurance proceeds receivable
Report proceeds receivable on insurance claims that have been made/accepted by the insurer during the reporting period, but are not yet received from the insurer as at the end of the reporting period. Amounts should only be reported here when they are recognised for accounting purposes under current Australian Accounting Standards.
If a superannuation entity has insurance proceeds receivable under item 2.7, it should also report insurance proceeds income and/or insurance premiums expense in SRF 200.0 Statement of Financial Performance item 6.3 ‘Total proceeds on insurance policies’ and SRF 200.0 Statement of Financial Position item 7 ‘Members death and/or disability insurance premiums expense’ respectively.
2.8. Other receivables & other assets (please provide details in table 1 below):
Report in Table 1 details, including a description and amount, for any other receivables of the superannuation entity not specifically reported in the items listed above in the form. Includes (but is not limited to):
2.9. Total receivables and other assets
Represents the sum of items 2.3 to 2.8.
Net market value
Both of the above columns should be completed as appropriate.
Items 3.1 to 3.5 relate to investments that are directly held by the superannuation entity as part of the internal investment management of the superannuation entity and do not include underlying assets/investments that are held with external investment managers EXCEPT that investments of the superannuation entity that are held as part of an external individually managed mandate/portfolio are to be reported in this section in accordance with the nature of the underlying investments i.e. a look-through basis is required. Where the superannuation entity’s investments are held by a custodian on behalf of the entity, the investments held by the custodian are treated as the investments of the superannuation entity and should be classified as direct or indirect investments according to the criteria above.
Investments of the superannuation entity that are held with external investment managers (other than through individually managed mandates) are to be reported in item 3.6.
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.
Investments directly held by the superannuation entity
Report the net market value of investments in the form of placements, deposits and loans (including secured and unsecured, invested at call including 11am, money market or term basis), as well as holdings of debt securities.
Important!
Total of item 3.1 should agree to SRF 210.1 Selected Disclosure of Investments “Part A: Deposits, placements, loans and debt securities” item 3 ‘Total value of deposits, placements, loans and securities’. Item 3 must be equal to the sum of the ‘Internally managed’ (“in-house”) column plus the ‘Externally managed mandates’ column for both Part A item 1 ‘Total deposits, placements and loans’ and Part A item 2 ‘Total debt securities’.
Exclude
3.1.1. Deposits
Report cash and deposits with organisations issued with an Australian Banking Authority and amounts placed with short term and other money market corporations, permanent building societies etc.
3.1.2. Placements, loans and debt securities
Report the net market value of these investments including (but not limited to):
Exclude
Deposits issued by Authorised Deposit Taking Institutions. These should be included at item 3.1.1.
Important!
The sum of SRF 210.0 Statement of Financial Position item 3.1.1 ‘Deposits’ column ‘Total Net Market Value’ PLUS SRF 210.0 Statement of Financial Position item 3.1.2 column ‘Total Net Market Value’
SHOULD EQUAL
SRF 210.1 Selected Disclosure of Investments Part A item 3 ‘Total net market value of deposits, placements, loans and securities’ column ‘Total Net Market Value – Internally managed’ PLUS
SRF 210.1 Selected Disclosure of Investments Part A item 3 column ‘Total Net Market Value – Externally managed mandates’
Report the net market value of the superannuation entity’s direct holdings of equity securities (i.e. shares) of listed corporations and units in listed unit trusts on all exchanges.
Exclude
Report the net market value of the superannuation entity’s investment in equity securities (e.g. shares) of unlisted corporations, units in unlisted private unit trusts and venture operations.
Important!
SRF 210.0 Statement of Financial Position item 3.3 should equal the sum of:
Exclude
Report the net market value of derivatives exposures of the superannuation entity that are reported in SRF 210.2 Derivative Financial Instruments, item 3 where the net market value of the exposure represents a net gain to the superannuation entity. This only relates to derivative financial instruments that are directly held and managed by the superannuation entity (i.e. transacted as part of ‘internal’ investment management).
Exclude
The aggregate net market value of derivatives exposure where this represents a net loss to the superannuation entity. This is to be reported under ‘Liabilities’ in item 6 ‘Direct holdings of derivative financial instruments’; and
Derivative investments held through an external individually managed mandate/portfolio or discretely managed portfolio (i.e. for this item, the superannuation entity is not required to look through the portfolio to the underlying investments to ascertain the derivatives exposure). Derivatives in externally individually managed mandates must be shown in item 3.8 ‘Other investments’.
Important!
The net position of item 3.4 and item 6 on SRF 210.0 Statement of Financial Position is required to agree to item 3 ‘Total derivative financial instruments’ on SRF 210.2 Derivative Financial Instruments.
Report the total of the superannuation entity’s directly holdings of property investments. For prudential reporting purposes a property investment exists where the investment (earnings and capital value) are dependent on the cash flows generated by the property through sale or rental income.
Include:
Exclude:
Total must agree to “Part E: Property Holdings” item 2 ‘Total property investments’ on SRF 210.1 Selected Disclosure of Investments.
Important!
SRF 210.0 Statement of Financial Position, item 3.5 should equal the sum of:
Investments not directly held by the superannuation entity
3.6.1. Pooled super trusts
Report the net market value of the superannuation entity’s investment in pooled super trusts.
Exclude
Unitised investments with life companies where the original or primary investment is an insurance or investment policy (item 3.6.3).
3.6.2. 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 product disclosure statement. Report the net market value of investments in wholesale trusts, other than PSTs (item 3.6.1), listed unit trusts (item 3.2) or unlisted retail/public offer trusts (item 3.6.4).
3.6.3. Investment and/or insurance policies held in statutory fund of life companies
Life insurance business must be conducted through separately accounted ‘statutory funds’ within a life insurer. Report at this item:
Important!
If investments held by a superannuation entity are reported under item 3.6.3 then these investments are not required to be reported in SRF 210.1 Selected Disclosure of Investments. If you have no investments other than those disclosed under item 3.6.3 then SRF 210.1 Selected Disclosure of Investments can be left blank but is still required to be submitted as part of the superannuation entity's annual return.
3.6.4. Investments in unlisted retail/public offer unit trusts
Report the net market value of the superannuation entity’s investment in unlisted retail/public offer unit trusts. Includes investments in unlisted retail/public offer cash management unit trusts.
Exclude
Units in private trusts (item 3.3) and wholesale trusts (item 3.6.2).
Important!
SRF 210.0 Statement of Financial Position item 3.6.4 should equal SRF 210.1 Selected Disclosure of Investments Part C item 5 ‘Total net market value of interest in unlisted retail/public offer trusts’ column ‘Net Market Value – Externally managed mandates’.
A finance lease over an asset is “a lease under which the lessor effectively transfers to the lessee substantially all the risks and benefits incident to ownership of the leased asset and where legal ownership may eventually be transferred”.
Report the value of assets that are subject to lease arrangements (i.e. finance leases) where the superannuation entity is required by current Australian Accounting Standards to recognise and report assets that are subject to lease arrangements.
Disclose in Table 2 the net market value of all other investments not separately reported above in items 3.1 to 3.7. Provide a description of the nature and amount of each item listed.
Note that derivative assets held via external individually managed mandates are required to be reported in table 2 under a description of 'derivatives - not directly managed'. If the net or aggregate position is a liability, record the amount as a negative figure.
Represents the sum of all investments reported in items 3.1 to 3.8.
Deferred tax assets means the amounts of income taxes recoverable in future reporting periods in respect of:
(a) deductible temporary differences; and
(b) the carry forward of unused tax losses
determined in accordance with current Australian Accounting Standards.
Important!
Current tax assets are reported as part of item 8 below.
Important!
No adjustments should be made to the tax account balances on the Statement of Financial Position when separating contributions tax from income tax expense. The only adjustments in relation to contributions tax which should be made are to SRF 200.0 Statement of Financial Performance item 20 ‘Income tax expense on net operating performance’
Represents the sum of the following:
1.0. Securities purchased under agreements to resell;
2.9. Total Receivables;
3.9. Total Investments – total of ‘Total Net Market Value’ column only; and
4.0. Deferred tax assets.
Reporting Form SRF 210.0
Statement of Financial Position
Completion of SRF 210.0 Statement of Financial Position
This form must be completed on an annual basis by all trustees of 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 their most recent year of income, that are required to complete SRF 110.0 Statement of Financial Position on a quarterly basis must also complete this form on an annual basis.)
If a trustee of 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 quarterly return.
Note: All forms included in the SRF 200 series should be submitted together as an annual return, not individually as separate forms.
This form collects specific financial information on the financial position of the superannuation entity. The information reported in this form is 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 210.0 Statement of Financial Position. For ease of use, the Guide has been split into three main sections as follows:
Lodgement and validation of SRF 210.0 Statement of Financial Position
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 210.0 Statement of Financial Position 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 Related 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:
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 210.0 Statement of Financial Position
As detailed above, any change of information entered or resubmission of the return will result in a change to the authentication code. SRF 210.0 Statement of Financial Position 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:
General Guidance for Completion of SRF 210.0 Statement of Financial Position
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 210.0 Statement of Financial Position 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. Liability 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 210.0 Statement of Financial Position. 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 210.0 Statement of Financial Position 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 period end under the entity’s accounting policy, the cash amount received or paid during the period should be adjusted by adding the receivable/payable amount at the end of the current period 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, institutions are required to disclose data 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:
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 disclosed 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 3.7.2) 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
Assets are to be measured at net market value.
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 interest). Where the transferee of the securities effectively receives a lenders rate of return (i.e. the underlying risks and rewards of ownership of the underlying securities effectively remain with the counterparty as transferor), these transactions are to be accounted for as collateralised lending activities (on-balance sheet exposures).
Under this method of accounting, the following treatment is to be applied:
Securities sold under agreements to repurchase should be recorded under item 7.1 below.
2.1. Total investment income receivable
Report the total of all investment income that is receivable by the superannuation entity. Includes (but is not limited to): Interest, dividends, unit trust distributions, and rental income that is accrued but not yet received. Do not include receivables relating to sales of investments or outstanding fees which are reported in item 2.8 ‘Other receivables’.
2.2. Provision for doubtful debts
Record the amount of any provision for bad and doubtful debts that relates to the receivables recorded in item 2.1 above.
Doubtful debt means it is no longer considered probable that amounts of accrued investment income (e.g. interest, dividends, distributions associated with the investment/asset) will be able to be collected by the superannuation entity.
2.3. Total investment income receivable net of provision for doubtful debts
Represents item 2.1 less item 2.2.
2.4. Member contributions receivable
Include contributions receivable (i.e. due but not received) from members as at end of the financial year, to the extend known. For further guidance as to what is included in ‘member’ contributions refer to the instructions for SRF 200.0 Statement of Financial Performance, in particular item 1.2 of that form.
2.5. Employer contributions receivable
Include contributions from employers which are receivable in respect of the reporting period (i.e. due but not received) by the superannuation entity, where known by the superannuation entity. For further guidance as to what is included in ‘employer’ contributions (including Superannuation Guarantee Contributions, award contributions, voluntary employer contributions, and salary sacrifice contributions) refer to the instructions for SRF 200.0 Statement of Financial Performance, in particular item 1.1 of that form. Superannuation entities for public sector employees please read item 2.6 below before completing this item.
2.6. Contributions receivable from the Government
Record amounts receivable from Commonwealth and State Governments in respect of recognised unfunded liabilities to superannuation entities for public sector employees. Contributions receivable from the government in respect of the reporting period, where these related to a fully funded superannuation entity for public sector employees, should be included under item 2.5 above.
2.7. Insurance proceeds receivable
Report proceeds receivable on insurance claims that have been made/accepted by the insurer during the reporting period, but are not yet received from the insurer as at the end of the reporting period. Amounts should only be reported here when they are recognised for accounting purposes under current Australian Accounting Standards.
If a superannuation entity has insurance proceeds receivable under item 2.7, it should also report insurance proceeds income and/or insurance premiums expense in SRF 200.0 Statement of Financial Performance item 6.3 ‘Total proceeds on insurance policies’ and SRF 200.0 Statement of Financial Position item 7 ‘Members death and/or disability insurance premiums expense’ respectively.
2.8. Other receivables & other assets (please provide details in table 1 below):
Report in Table 1 details, including a description and amount, for any other receivables of the superannuation entity not specifically reported in the items listed above in the form. Includes (but is not limited to):
2.9. Total receivables and other assets
Represents the sum of items 2.3 to 2.8.
Net market value
Both of the above columns should be completed as appropriate.
Items 3.1 to 3.5 relate to investments that are directly held by the superannuation entity as part of the internal investment management of the superannuation entity and do not include underlying assets/investments that are held with external investment managers EXCEPT that investments of the superannuation entity that are held as part of an external individually managed mandate/portfolio are to be reported in this section in accordance with the nature of the underlying investments i.e. a look-through basis is required. Where the superannuation entity’s investments are held by a custodian on behalf of the entity, the investments held by the custodian are treated as the investments of the superannuation entity and should be classified as direct or indirect investments according to the criteria above.
Investments of the superannuation entity that are held with external investment managers (other than through individually managed mandates) are to be reported in item 3.6.
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.
Investments directly held by the superannuation entity
Report the net market value of investments in the form of placements, deposits and loans (including secured and unsecured, invested at call including 11am, money market or term basis), as well as holdings of debt securities.
Important!
Total of item 3.1 should agree to SRF 210.1 Selected Disclosure of Investments “Part A: Deposits, placements, loans and debt securities” item 3 ‘Total value of deposits, placements, loans and securities’. Item 3 must be equal to the sum of the ‘Internally managed’ (“in-house”) column plus the ‘Externally managed mandates’ column for both Part A item 1 ‘Total deposits, placements and loans’ and Part A item 2 ‘Total debt securities’.
Exclude
3.1.1. Deposits
Report cash and deposits with organisations issued with an Australian Banking Authority and amounts placed with short term and other money market corporations, permanent building societies etc.
3.1.2. Placements, loans and debt securities
Report the net market value of these investments including (but not limited to):
Exclude
Deposits issued by Authorised Deposit Taking Institutions. These should be included at item 3.1.1.
Important!
The sum of SRF 210.0 Statement of Financial Position item 3.1.1 ‘Deposits’ column ‘Total Net Market Value’ PLUS SRF 210.0 Statement of Financial Position item 3.1.2 column ‘Total Net Market Value’
SHOULD EQUAL
SRF 210.1 Selected Disclosure of Investments Part A item 3 ‘Total net market value of deposits, placements, loans and securities’ column ‘Total Net Market Value – Internally managed’ PLUS
SRF 210.1 Selected Disclosure of Investments Part A item 3 column ‘Total Net Market Value – Externally managed mandates’
Report the net market value of the superannuation entity’s direct holdings of equity securities (i.e. shares) of listed corporations and units in listed unit trusts on all exchanges.
Exclude
Report the net market value of the superannuation entity’s investment in equity securities (e.g. shares) of unlisted corporations, units in unlisted private unit trusts and venture operations.
Important!
SRF 210.0 Statement of Financial Position item 3.3 should equal the sum of:
Exclude
Report the net market value of derivatives exposures of the superannuation entity that are reported in SRF 210.2 Derivative Financial Instruments, item 3 where the net market value of the exposure represents a net gain to the superannuation entity. This only relates to derivative financial instruments that are directly held and managed by the superannuation entity (i.e. transacted as part of ‘internal’ investment management).
Exclude
The aggregate net market value of derivatives exposure where this represents a net loss to the superannuation entity. This is to be reported under ‘Liabilities’ in item 6 ‘Direct holdings of derivative financial instruments’; and
Derivative investments held through an external individually managed mandate/portfolio or discretely managed portfolio (i.e. for this item, the superannuation entity is not required to look through the portfolio to the underlying investments to ascertain the derivatives exposure). Derivatives in externally individually managed mandates must be shown in item 3.8 ‘Other investments’.
Important!
The net position of item 3.4 and item 6 on SRF 210.0 Statement of Financial Position is required to agree to item 3 ‘Total derivative financial instruments’ on SRF 210.2 Derivative Financial Instruments.
Report the total of the superannuation entity’s directly holdings of property investments. For prudential reporting purposes a property investment exists where the investment (earnings and capital value) are dependent on the cash flows generated by the property through sale or rental income.
Include:
Exclude:
Total must agree to “Part E: Property Holdings” item 2 ‘Total property investments’ on SRF 210.1 Selected Disclosure of Investments.
Important!
SRF 210.0 Statement of Financial Position, item 3.5 should equal the sum of:
Investments not directly held by the superannuation entity
3.6.1. Pooled super trusts
Report the net market value of the superannuation entity’s investment in pooled super trusts.
Exclude
Unitised investments with life companies where the original or primary investment is an insurance or investment policy (item 3.6.3).
3.6.2. 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 product disclosure statement. Report the net market value of investments in wholesale trusts, other than PSTs (item 3.6.1), listed unit trusts (item 3.2) or unlisted retail/public offer trusts (item 3.6.4).
3.6.3. Investment and/or insurance policies held in statutory fund of life companies
Life insurance business must be conducted through separately accounted ‘statutory funds’ within a life insurer. Report at this item:
Important!
If investments held by a superannuation entity are reported under item 3.6.3 then these investments are not required to be reported in SRF 210.1 Selected Disclosure of Investments. If you have no investments other than those disclosed under item 3.6.3 then SRF 210.1 Selected Disclosure of Investments can be left blank but is still required to be submitted as part of the superannuation entity's annual return.
3.6.4. Investments in unlisted retail/public offer unit trusts
Report the net market value of the superannuation entity’s investment in unlisted retail/public offer unit trusts. Includes investments in unlisted retail/public offer cash management unit trusts.
Exclude
Units in private trusts (item 3.3) and wholesale trusts (item 3.6.2).
Important!
SRF 210.0 Statement of Financial Position item 3.6.4 should equal SRF 210.1 Selected Disclosure of Investments Part C item 5 ‘Total net market value of interest in unlisted retail/public offer trusts’ column ‘Net Market Value – Externally managed mandates’.
A finance lease over an asset is “a lease under which the lessor effectively transfers to the lessee substantially all the risks and benefits incident to ownership of the leased asset and where legal ownership may eventually be transferred”.
Report the value of assets that are subject to lease arrangements (i.e. finance leases) where the superannuation entity is required by current Australian Accounting Standards to recognise and report assets that are subject to lease arrangements.
Disclose in Table 2 the net market value of all other investments not separately reported above in items 3.1 to 3.7. Provide a description of the nature and amount of each item listed.
Note that derivative assets held via external individually managed mandates are required to be reported in table 2 under a description of 'derivatives - not directly managed'. If the net or aggregate position is a liability, record the amount as a negative figure.
Represents the sum of all investments reported in items 3.1 to 3.8.
Deferred tax assets means the amounts of income taxes recoverable in future reporting periods in respect of:
(a) deductible temporary differences; and
(b) the carry forward of unused tax losses
determined in accordance with current Australian Accounting Standards.
Important!
Current tax assets are reported as part of item 8 below.
Important!
No adjustments should be made to the tax account balances on the Statement of Financial Position when separating contributions tax from income tax expense. The only adjustments in relation to contributions tax which should be made are to SRF 200.0 Statement of Financial Performance item 20 ‘Income tax expense on net operating performance’
Represents the sum of the following:
1.0. Securities purchased under agreements to resell;
2.9. Total Receivables;
3.9. Total Investments – total of ‘Total Net Market Value’ column only; and
4.0. Deferred tax assets.
Report the net market value of derivatives exposure of the Superannuation entity that is reported in SRF 210.2 Derivative Financial Instruments, where the net market value of the exposure represents a net loss to the superannuation entity.
This only relates to derivative financial instruments that are directly held by the superannuation entity (i.e. transacted as part of ‘internal’ investment management.
Exclude
Amounts to be reported in the item include but are not limited to the following:
7.1. Securities sold under agreements to repurchase
This refers to the situation where the superannuation entity lends securities to another party in exchange for cash. The superannuation entity agrees to repay the cash (plus interest) to the other party in the future in exchange for the return of the securities. Where the transferee of the securities effectively receives a lenders rate of return (i.e. the underlying risks and rewards of ownership of the underlying securities effectively remain with the superannuation entity as transferor), these transactions are to be accounted for as collateralised borrowing activities (on-balance sheet exposures).
Under this method of accounting, the following treatment is to be applied:
Securities purchased under agreements to resell should be recorded under item 1 above.
7.2. Other borrowings (please provide details in Table 3 below)
Report the value of other forms of borrowings that do not fall into item 7.1. Provide a brief description of each item reported in this point. Includes (but is not limited to): Drawn down balance of overdraft facilities, standby lines or other forms of off-balance sheet funding, short term loans or other borrowings.
7.3. Total borrowings
Represents the sum of items 7.1 and 7.2.
7.3.1. Secured against assets of the superannuation entity
Report the value of the portion of borrowings which are secured against assets of the superannuation entity. The value in this field will already form part of the total in item 7.3.
Show the net of current tax assets (report as a negative) and current tax liabilities determined in accordance with the provisions of current Australian Accounting Standards and other mandatory professional reporting requirements.
Important!
No adjustments should be made to the tax account balances on the Statement of Financial Position when separating contributions tax from income tax expense. The only adjustments in relation to contributions tax which should be made are to SRF 200.0 Statement of Financial Performance item 20 ‘Income tax expense on net operating performance’.
Deferred tax liabilities means the amounts of income taxes to be settled in future reporting periods in respect of assessable temporary differences, determined in accordance with current Australian Accounting Standards and other mandatory professional reporting requirements.
Report the total value of all other payables of the superannuation entity as at the end of the reporting period that are not separately reported in items 6 to 9. Includes (but is not limited to):
Represents the sum of the following:
Represents SRF 210.0 Statement of Financial Position item 5 ‘Total Assets’ less SRF 210.0 Statement of Financial Position item 11 ‘Total Liabilities’.
Important!
The total at item 12 must equal the total at item 16 ‘Total’.
Important!
If SRF 210.0 Statement of Financial Position item 12 is either $nil or a negative figure, then it is APRA’s expectation that the superannuation entity should have wound up. The wind-up of the superannuation entity should be disclosed in SRF 250.0 Superannuation Entity Profile item 4. In some cases, a superannuation entity providing risk only benefits may have zero assets.
Net assets available to pay benefits is represented by
Report value of members’ accrued benefits as at the reporting date. This is to be determined in accordance with the requirements of current Australian Accounting Standards.
Accumulation/defined contribution superannuation entities
The liability for accrued benefits for a defined contribution superannuation entity is the superannuation entity’s present obligation to pay benefits to members and beneficiaries in the future and is calculated as the difference between the carrying amounts of the assets and the carrying amounts of the liabilities as at the reporting date.
Important!
Accrued benefits under SRF 240.0 Membership Profile Part C item 2.1 should be equal to those reported under SRF 210.0 Statement of Financial Position item 13 relating to defined contribution members.
Defined benefit superannuation entities
Accrued benefits of a defined benefit superannuation entity shall be measured, using actuarial assumptions and valuations where appropriate, as the present value of expected future payments to members arising from membership of the superannuation entity up to the measurement date.
A formal actuarial review for defined benefit superannuation entities is completed at least every three years under SIS Regulation 9.29. APRA is not advocating that superannuation entity must complete these on a more frequent basis than is required under SIS.
Accordingly, for financial years in between the formal actuarial valuations, this item should be filled out by reporting the difference between the carrying amounts of the assets and the carrying amounts of the liabilities as at the year end reporting date i.e. the value reported in item 12 ‘Net assets available to pay benefits’. In this event, $Nil figures should be entered at both item 14 ‘Reserves’ and item 15 ‘Excess/deficiency of assets’.
Important!
Accrued benefits under SRF 240.0 Membership Profile Part C item 1.1 should be equal to those reported under SRF 210.0 Statement of Financial Position item 13 relating to defined benefit members.
Report the balance of all reserves as at the end of the year. This relates to unallocated reserves of the superannuation entity (i.e. income that has not been specifically allocated to member accounts). Reserves can be used for such things as smoothing investment earnings, topping up member benefits, offsetting fees.
Defined contribution
Amounts in defined contribution/accumulation superannuation entities that are unallocated to members but do not form part of a formal reserve should also be reported at this item. This includes, for example, unallocated balances which are held overnight in a bank account while the member paperwork is being processed.
Defined benefit:
Note that if all investment earnings and superannuation entity expenses are put through reserves and the members receive earnings and pay fees and contributions tax, these should not be netted together to reflect net movement to or from reserves. Instead they should be reported in line with the entity’s accounting practices with details of movements in reserves during the reporting period as follows:
14.1. Opening balance
Report the opening balance of this reserve carried forward from the last reporting period. Where the reserve is only created this current reporting period, report zero.
14.2. Transfer to reserve from current year earnings
Report the cumulative value of funds that have been transferred from current year’s earnings to this reserve during the current financial year of the superannuation entity.
14.3. Transfer from reserve to members vested benefits
Report the cumulative value of funds that have been transferred from this reserve to members’ benefits during the current financial year of the superannuation entity.
14.4. Closing balance
Represents the sum of items 14.1 and 14.2 less item 14.3.
This item relates to defined benefit superannuation entities. The excess/deficiency of assets available for use for a defined benefit superannuation entity will generally be determined by an actuary when a formal valuation is conducted. Accordingly for a defined benefit superannuation entity, only complete this item where this is applicable and is determined by an actuarial review. Where a formal actuarial valuation has not been conducted as at the reporting date, a $Nil balance should be entered at this item.
For item 15, record an excess as a positive number and a deficiency as a negative number.
Consists of the sum of:
Important!
The total at item 16 must equal the total at item 12.
Important!
If SRF 210.0 Statement of Financial Position item 16 is either $nil or a negative figure, then it is APRA’s expectation that the superannuation entity should have wound up. The wind-up of the superannuation entity should be disclosed in SRF 250.0 Superannuation Entity Profile item 4.
Amounts reported for the superannuation entity’s balance will be used by APRA to calculate the amount of levy payable by the superannuation entity.
17.1. Net balance of entity
Report the net balance of the superannuation entity at the end of the financial year. The amount should be determined from the audited accounts of the registered superannuation entity and, to the extent necessary, from the reports from life insurance companies.
Important!
17.2. Notional balance
If the assets of the superannuation entity consist entirely of “individual policies” and the insurer does not know the net balance of the entity, leave item 17.1 blank and report the Notional Balance of the entity. This figure is arrived at by multiplying $20,000 by the number of members of the superannuation entity.
Otherwise leave item 17.2 blank.
An “individual policy” is a single policy of life insurance over the life of one person, or a sub policy of life insurance over the life of one person which forms part of a blanket policy of life insurance.
17.3. Estimated balance as at 30 June
If a registered superannuation entity has a balance date other than 30 June, report in item 17.3 an estimate of the superannuation entity’s net balance at 30 June, as follows:
For early balancing superannuation entities (for example, an APRA-regulated superannuation entity which has a year of income ending before 30 June 2004, and which is lodging its annual return for the 2003-2004 year), report the estimated net balance as at the 30 June 2004 i.e. the 30 June immediately following year end.
For late balancing superannuation entities (for example, an APRA-regulated superannuation entity which has a year of income ending after 30 June 2004 and is lodging its annual return for the 2003-2004 year), report the estimated net balance as at the 30 June 2004 i.e. the 30 June immediately preceding year end.
Year End Estimated Balance Year End
(Early Balancers) at 30 June 2004 (Late Balancers)
______|_____________________|___________________|____
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Report the net market value of derivatives exposure of the Superannuation entity that is reported in SRF 210.2 Derivative Financial Instruments, where the net market value of the exposure represents a net loss to the superannuation entity.
This only relates to derivative financial instruments that are directly held by the superannuation entity (i.e. transacted as part of ‘internal’ investment management.
Exclude
Amounts to be reported in the item include but are not limited to the following:
7.1. Securities sold under agreements to repurchase
This refers to the situation where the superannuation entity lends securities to another party in exchange for cash. The superannuation entity agrees to repay the cash (plus interest) to the other party in the future in exchange for the return of the securities. Where the transferee of the securities effectively receives a lenders rate of return (i.e. the underlying risks and rewards of ownership of the underlying securities effectively remain with the superannuation entity as transferor), these transactions are to be accounted for as collateralised borrowing activities (on-balance sheet exposures).
Under this method of accounting, the following treatment is to be applied:
Securities purchased under agreements to resell should be recorded under item 1 above.
7.2. Other borrowings (please provide details in Table 3 below)
Report the value of other forms of borrowings that do not fall into item 7.1. Provide a brief description of each item reported in this point. Includes (but is not limited to): Drawn down balance of overdraft facilities, standby lines or other forms of off-balance sheet funding, short term loans or other borrowings.
7.3. Total borrowings
Represents the sum of items 7.1 and 7.2.
7.3.1. Secured against assets of the superannuation entity
Report the value of the portion of borrowings which are secured against assets of the superannuation entity. The value in this field will already form part of the total in item 7.3.
Show the net of current tax assets (report as a negative) and current tax liabilities determined in accordance with the provisions of current Australian Accounting Standards and other mandatory professional reporting requirements.
Important!
No adjustments should be made to the tax account balances on the Statement of Financial Position when separating contributions tax from income tax expense. The only adjustments in relation to contributions tax which should be made are to SRF 200.0 Statement of Financial Performance item 20 ‘Income tax expense on net operating performance’.
Deferred tax liabilities means the amounts of income taxes to be settled in future reporting periods in respect of assessable temporary differences, determined in accordance with current Australian Accounting Standards and other mandatory professional reporting requirements.
Report the total value of all other payables of the superannuation entity as at the end of the reporting period that are not separately reported in items 6 to 9. Includes (but is not limited to):
Represents the sum of the following:
Represents SRF 210.0 Statement of Financial Position item 5 ‘Total Assets’ less SRF 210.0 Statement of Financial Position item 11 ‘Total Liabilities’.
Important!
The total at item 12 must equal the total at item 16 ‘Total’.
Important!
If SRF 210.0 Statement of Financial Position item 12 is either $nil or a negative figure, then it is APRA’s expectation that the superannuation entity should have wound up. The wind-up of the superannuation entity should be disclosed in SRF 250.0 Superannuation Entity Profile item 4. In some cases, a superannuation entity providing risk only benefits may have zero assets.
Net assets available to pay benefits is represented by
Report value of members’ accrued benefits as at the reporting date. This is to be determined in accordance with the requirements of current Australian Accounting Standards.
Accumulation/defined contribution superannuation entities
The liability for accrued benefits for a defined contribution superannuation entity is the superannuation entity’s present obligation to pay benefits to members and beneficiaries in the future and is calculated as the difference between the carrying amounts of the assets and the carrying amounts of the liabilities as at the reporting date.
Important!
Accrued benefits under SRF 240.0 Membership Profile Part C item 2.1 should be equal to those reported under SRF 210.0 Statement of Financial Position item 13 relating to defined contribution members.
Defined benefit superannuation entities
Accrued benefits of a defined benefit superannuation entity shall be measured, using actuarial assumptions and valuations where appropriate, as the present value of expected future payments to members arising from membership of the superannuation entity up to the measurement date.
A formal actuarial review for defined benefit superannuation entities is completed at least every three years under SIS Regulation 9.29. APRA is not advocating that superannuation entity must complete these on a more frequent basis than is required under SIS.
Accordingly, for financial years in between the formal actuarial valuations, this item should be filled out by reporting the difference between the carrying amounts of the assets and the carrying amounts of the liabilities as at the year end reporting date i.e. the value reported in item 12 ‘Net assets available to pay benefits’. In this event, $Nil figures should be entered at both item 14 ‘Reserves’ and item 15 ‘Excess/deficiency of assets’.
Important!
Accrued benefits under SRF 240.0 Membership Profile Part C item 1.1 should be equal to those reported under SRF 210.0 Statement of Financial Position item 13 relating to defined benefit members.
Report the balance of all reserves as at the end of the year. This relates to unallocated reserves of the superannuation entity (i.e. income that has not been specifically allocated to member accounts). Reserves can be used for such things as smoothing investment earnings, topping up member benefits, offsetting fees.
Defined contribution
Amounts in defined contribution/accumulation superannuation entities that are unallocated to members but do not form part of a formal reserve should also be reported at this item. This includes, for example, unallocated balances which are held overnight in a bank account while the member paperwork is being processed.
Defined benefit:
Note that if all investment earnings and superannuation entity expenses are put through reserves and the members receive earnings and pay fees and contributions tax, these should not be netted together to reflect net movement to or from reserves. Instead they should be reported in line with the entity’s accounting practices with details of movements in reserves during the reporting period as follows:
14.1. Opening balance
Report the opening balance of this reserve carried forward from the last reporting period. Where the reserve is only created this current reporting period, report zero.
14.2. Transfer to reserve from current year earnings
Report the cumulative value of funds that have been transferred from current year’s earnings to this reserve during the current financial year of the superannuation entity.
14.3. Transfer from reserve to members vested benefits
Report the cumulative value of funds that have been transferred from this reserve to members’ benefits during the current financial year of the superannuation entity.
14.4. Closing balance
Represents the sum of items 14.1 and 14.2 less item 14.3.
This item relates to defined benefit superannuation entities. The excess/deficiency of assets available for use for a defined benefit superannuation entity will generally be determined by an actuary when a formal valuation is conducted. Accordingly for a defined benefit superannuation entity, only complete this item where this is applicable and is determined by an actuarial review. Where a formal actuarial valuation has not been conducted as at the reporting date, a $Nil balance should be entered at this item.
For item 15, record an excess as a positive number and a deficiency as a negative number.
Consists of the sum of:
Important!
The total at item 16 must equal the total at item 12.
Important!
If SRF 210.0 Statement of Financial Position item 16 is either $nil or a negative figure, then it is APRA’s expectation that the superannuation entity should have wound up. The wind-up of the superannuation entity should be disclosed in SRF 250.0 Superannuation Entity Profile item 4.
Amounts reported for the superannuation entity’s balance will be used by APRA to calculate the amount of levy payable by the superannuation entity.
17.1. Net balance of entity
Report the net balance of the superannuation entity at the end of the financial year. The amount should be determined from the audited accounts of the registered superannuation entity and, to the extent necessary, from the reports from life insurance companies.
Important!
17.2. Notional balance
If the assets of the superannuation entity consist entirely of “individual policies” and the insurer does not know the net balance of the entity, leave item 17.1 blank and report the Notional Balance of the entity. This figure is arrived at by multiplying $20,000 by the number of members of the superannuation entity.
Otherwise leave item 17.2 blank.
An “individual policy” is a single policy of life insurance over the life of one person, or a sub policy of life insurance over the life of one person which forms part of a blanket policy of life insurance.
17.3. Estimated balance as at 30 June
If a registered superannuation entity has a balance date other than 30 June, report in item 17.3 an estimate of the superannuation entity’s net balance at 30 June, as follows:
For early balancing superannuation entities (for example, an APRA-regulated superannuation entity which has a year of income ending before 30 June 2004, and which is lodging its annual return for the 2003-2004 year), report the estimated net balance as at the 30 June 2004 i.e. the 30 June immediately following year end.
For late balancing superannuation entities (for example, an APRA-regulated superannuation entity which has a year of income ending after 30 June 2004 and is lodging its annual return for the 2003-2004 year), report the estimated net balance as at the 30 June 2004 i.e. the 30 June immediately preceding year end.
Year End Estimated Balance Year End
(Early Balancers) at 30 June 2004 (Late Balancers)
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This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires the trustee of a superannuation entity[1] to give APRA, on an annual basis, a statement of the entity’s financial position.
This reporting standard outlines the overall requirements for the provision of the required information to APRA. It should be read in conjunction with:
which are attached and form part of this reporting standard.
This reporting standard will apply, from the date of registration of the reporting standard on the Federal Register of Legislative Instruments, to each trustee of a relevant registered superannuation entity, as defined by paragraph 3.
A superannuation entity is a relevant registered superannuation entity if, at the end of the most recent reporting period for the entity, it was not:
(a) a small APRA fund;
(b) a self managed superannuation fund; or
(c) a single member approved deposit fund.
Note: Part 2B of the SIS Act makes provision for the registration of superannuation entities. However, although it is expected that most superannuation entities covered by this reporting standard will become registered under Part 2B, either during or after the licensing transition period referred to in the SIS Act, it is not a requirement of the definition of ‘relevant registered superannuation entity’ that a superannuation entity actually be registered under Part 2B. A superannuation entity will be a ‘relevant registered superannuation entity’ if it meets the definition in paragraph 3 of this reporting standard, even if it has not been registered under Part 2B. This note is inserted for the avoidance of doubt.
The trustee of a relevant registered superannuation entity must provide APRA with the information required by Form SRF 210.0, in respect of the entity, for each reporting period.
For the avoidance of doubt, if the trustee is trustee of more than one relevant registered superannuation entity, the trustee must separately provide the information required by the form for each of those relevant registered superannuation entities.
(a) where subparagraph (b) does not apply:
(i) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(ii) by manually completing Form SRF 210.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales; or
(b) by means of an agent to whom the trustee has outsourced the function of providing the information on the trustee’s behalf, in which case the agent must provide the information:
(i) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application: or
(ii) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under sub-subparagraph (i), by manually completing Form SRF 210.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Note: The ‘Direct to APRA’ software and relevant forms may be obtained from APRA.
Note: See paragraphs 12, 13 and 14 for requirements relating to the authorisation of information provided under this reporting standard (which differ depending on how the information is provided).
Reporting periods and due dates
Note: Under section 113 of the SIS Act there will be a requirement for the information to be audited, together with annual information required under other reporting standards.
(a) more frequently (if, having regard to the particular circumstances of the entity, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the entity); or
(b) less frequently (if, having regard to the particular circumstances of the entity and the extent to which it requires prudential supervision, APRA considers it unnecessary to require it to provide the information on an annual basis).
Note: The trustee must also give APRA an audit report relating to the information, and to annual information required under other reporting standards, within this time (see section 36 of the SIS Act).
The information provided by a trustee under this reporting standard must be the product of processes and controls that have been reviewed and tested by the auditor of the insurer. This will require the auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on an annual basis or more frequently if necessary to enable the auditor to form an opinion on the accuracy and reliability of the data.
The information provided by a trustee under this reporting standard must be the product of processes and controls developed by the trustee for the internal review and authorisation of that information. It is the responsibility of the trustee to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
(a) if the trustee uses the ‘Direct to APRA’ application under sub-subparagraph 6(a)(i), an officer of the trustee must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the trustee who have authority from the trustee to transmit data to APRA); and
(b) if the trustee provides the information on paper under sub-subparagraph 6(a)(ii), the completed form must be signed by an officer of the trustee who is authorised by the trustee to complete and lodge the form.
(a) the agent will not be required to sign or authorise the information; but
(b) the trustee must:
(i) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 6(b)(i) or (ii)); and
(ii) cause the paper copy to be signed by an officer of the trustee authorised by the trustee to sign the paper copy; and
(iii) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, determines to waive the requirement under this sub-subparagraph, in relation to the trustee, or a class of trustees of which the trustee is a member, or all trustees).
Note: APRA may, for example, determine to waive the requirement under sub-subparagraph 14(b)(iii) where a trustee has undertaken to retain the signed copy of the completed form for an agreed period of time.
Minor alterations to form and instructions
(a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or
(b) the instructions to a form, to clarify their application to the form
without changing any substantive requirement in the form or instructions.
Transitional
Interpretation
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998.
due date means the relevant due date under paragraph 10 or, if applicable, paragraph 11.
officer in relation to a trustee of a relevant registered superannuation entity means:
(a) if the trustee is a corporation – a director or officer of that corporation;
(b) if the trustee is a natural person – that person; or
(c) if two or more natural persons are trustees of the entity – one of those persons.
regulated superannuation fund has the meaning given by section 19 of the SIS Act.
relevant registered superannuation entity has the meaning given by paragraph 3 of this reporting standard.
reporting period means a period mentioned in paragraph 7 or, if applicable, paragraph 8.
self managed superannuation fund has the meaning given by section 17A of the SIS Act.
single-member approved deposit fund means an approved deposit fund (within the meaning of subsection 10(1) of the SIS Act) that has only one member.
SIS Act means the Superannuation Industry (Supervision) Act 1993.
small APRA fund means a regulated superannuation fund that has fewer than 5 members and is regulated by APRA under the SIS Act.
superannuation entity has the meaning given by subsection 10(1) of the SIS Act.
Note: Subsection 10(1) of the SIS Act provides that superannuation entity means a regulated superannuation fund, or an approved deposit fund, or a pooled superannuation trust (as defined in the SIS Act).
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires the trustee of a superannuation entity[1] to give APRA, on an annual basis, a statement of the entity’s financial position.
This reporting standard outlines the overall requirements for the provision of the required information to APRA. It should be read in conjunction with:
which are attached and form part of this reporting standard.
This reporting standard will apply, from the date of registration of the reporting standard on the Federal Register of Legislative Instruments, to each trustee of a relevant registered superannuation entity, as defined by paragraph 3.
A superannuation entity is a relevant registered superannuation entity if, at the end of the most recent reporting period for the entity, it was not:
(a) a small APRA fund;
(b) a self managed superannuation fund; or
(c) a single member approved deposit fund.
Note: Part 2B of the SIS Act makes provision for the registration of superannuation entities. However, although it is expected that most superannuation entities covered by this reporting standard will become registered under Part 2B, either during or after the licensing transition period referred to in the SIS Act, it is not a requirement of the definition of ‘relevant registered superannuation entity’ that a superannuation entity actually be registered under Part 2B. A superannuation entity will be a ‘relevant registered superannuation entity’ if it meets the definition in paragraph 3 of this reporting standard, even if it has not been registered under Part 2B. This note is inserted for the avoidance of doubt.
The trustee of a relevant registered superannuation entity must provide APRA with the information required by Form SRF 210.0, in respect of the entity, for each reporting period.
For the avoidance of doubt, if the trustee is trustee of more than one relevant registered superannuation entity, the trustee must separately provide the information required by the form for each of those relevant registered superannuation entities.
(a) where subparagraph (b) does not apply:
(i) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(ii) by manually completing Form SRF 210.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales; or
(b) by means of an agent to whom the trustee has outsourced the function of providing the information on the trustee’s behalf, in which case the agent must provide the information:
(i) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application: or
(ii) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under sub-subparagraph (i), by manually completing Form SRF 210.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Note: The ‘Direct to APRA’ software and relevant forms may be obtained from APRA.
Note: See paragraphs 12, 13 and 14 for requirements relating to the authorisation of information provided under this reporting standard (which differ depending on how the information is provided).
Reporting periods and due dates
Note: Under section 113 of the SIS Act there will be a requirement for the information to be audited, together with annual information required under other reporting standards.
This is an opening excerpt, not the complete document.