Reporting periodReporting period

Reporting period

The information requested in the above forms is to be reported for the financial year of the superannuation entity.

Lodgement requirements

The APRA Annual Return is required to be lodged with APRA within 4 months after the end of the financial year of the superannuation entity together with the Independent Audit Report from the auditor of the superannuation entity covering those forms that are noted as subject to audit.

Amendments

Where the trustee of a superannuation entity makes a material adjustment to any data relating to the financial year for which the return has been lodged, an amended APRA Annual Return must be lodged with APRA.

Basis of preparation

In completing these forms unless otherwise specifically stated in the instruction guide for each form:

Basis of accounting (Cash vs Accruals):

The forms should be prepared on a basis consistent with the accounting treatment (cash or accruals basis) adopted by the superannuation entity for annual financial reporting purposes. APRA would ordinarily expect that regulated superannuation entities are ‘reporting entities’, and will therefore apply an accruals basis, in accordance with the requirements of Australian Accounting Standards and the guidance in APRA Superannuation Circular No. V.A.2.

Important!

For those superannuation entities subject to APRA quarterly reporting: Once selected, the basis of accounting used must be consistent for all 4 quarterly returns and the corresponding annual return.

Direct vs Indirect investments:

Certain items on the forms 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.

Netting off of Amounts:

Unless otherwise specifically stated, data in the forms should be reported on a gross basis, with no netting, even where the institutions comply with the prerequisites for netting outlined in the current Australian Accounting Standards, notably ‘Set-off and Extinguishment of Debt’.