17.0Entity balance

17.0 Entity balance

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!

• SRF 310.0 Statement of Financial Position item 17.1 ‘Net balance of entity’ should be equal to SRF 310.0 Statement of Financial Position item 13 ‘Liability for accrued benefits’.
• For accumulation entities, SRF 210.0 Statement of Financial Position item 17.1 ‘Net balance of entity’ should be equal to SRF 210.0 Statement of Financial Position item 12 ‘Net assets available to pay benefits’.

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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