Reporting Standard SRS 240.0 (2005)
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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
Requires trustees of APRA‑regulated superannuation entities (excluding Small APRA Funds, self‑managed superannuation funds and single‑member approved deposit funds) to annually submit a membership profile and member‑benefit data to APRA using Form SRF 240.0 for prudential supervision. Submissions must be authorised and audited, are normally lodged electronically via ‘Direct to APRA’ within four months of year‑end, and APRA may vary reporting frequency or make minor non‑substantive form changes.
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Direct links to the current provisions in Financial Sector (Collection of Data) determination No. 57 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, information in relation to the profile of membership of the superannuation entity and of member benefits.
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 240.0, 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 240.0 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 240.0 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 the trustee 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 sub-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 it 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 9 or, if applicable, paragraph 10;
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, information in relation to the profile of membership of the superannuation entity and of member benefits.
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 240.0, 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 240.0 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 240.0 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 the trustee 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 sub-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 it 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 9 or, if applicable, paragraph 10;
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 240.0 Membership Profile
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 superannuation entities that are Pooled Superannuation Trusts are not required to complete this form; however it is still required to be submitted as part of the annual return. If a superannuation entity has no items to disclose, the form can be left blank as D2A recognises blanks as zeros.
Note: All forms included in the SRF 200 series should be submitted together as an annual return, not individually as separate forms.
Entities subject to annual reporting
Trustees of superannuation entities that are regulated by APRA, including trustees of the following entities, are required to complete the APRA Annual Return comprising the forms listed in the Reporting Requirements Table.
Excluded
Reporting Requirements Table
| Form Number | Form Name | Subject to Audit |
|---|---|---|
| SRF 200.0 | Statement of Financial Performance | Yes |
| SRF 210.0 | Statement of Financial Position | Yes |
| SRF 210.1 | Selected Disclosure of Investments | No |
| SRF 210.2 | Derivative Financial Instruments | No |
| SRF 220.0 | Exposure Concentrations | Yes |
| SRF 230.0 | Transactions with Associated Parties | Yes |
| SRF 240.0 | Membership Profile | No |
| SRF 250.0 | Superannuation Entity Profile | No |
| SRF 260.0 | Trustee Statement | No |
APRA Annual Return
All the forms listed in the above table comprise the APRA Annual Return.
Audit requirements
Those forms comprising the APRA Annual Return that are subject to audit are highlighted in the Reporting Requirements Table above.
The nature of the audit requirements for these forms will be as developed in conjunction with the Auditing and Assurance Standards Board of Australia.
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.
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’.
Include:
Exclude:
Trustees of superannuation entities are to follow the Australian Accounting Standards, notably AAS 25 ‘Financial Reporting of Superannuation Plans’ and other mandatory and legislative requirements where applicable, regarding the interpretation, recognition and measurement of items of income, expense, assets and liabilities. AAS 25 requires a trustee of a superannuation entity to adopt net market value measurement where the superannuation entity is deemed to be a reporting entity. For the purposes of prudential reporting all trustees of superannuation entities are to adopt net market value measurement irrespective of their deemed reporting entity status.
Net market value has the same meaning as defined in the Australian accounting standards notable AAS 25. A definition is provided in the ‘Glossary of Terms’. Any change in the values at which such assets are measured must be recognised as revenues (or losses) in the reporting period in which the change occurs.
Accounting Standards AAS 4 ‘Depreciation’, AAS 10 ‘Recoverable Amount of Non-Current Assets’ and AASB 1041 ‘Revaluation of Non-Current Assets’ do not apply to such investments.
If an asset is in any way subject to a charge, covenant, encumbrance, option to purchase or any other arrangement by way of agreement or statute, that restricts the net market value of the asset, the market value needs to reflect the existence of these arrangements. For example, if the superannuation entity has agreed to deliver an asset to a purchaser at a price below the arms length market value, the market value cannot exceed the agreed price.
Unit of measurement
The above forms are to be prepared in thousands of Australian dollars (AUD), rounded to the nearest thousand, i.e. with no decimal place. As a general rule, amounts denominated in foreign currency are to be converted to AUD in accordance with the requirements of the current Australian accounting standards, notably Foreign Currency Translation.
The general requirements for translation are:
Monetary items are defined to mean money held and assets and liabilities that are to be received or paid in fixed or determinable amounts of money (eg. claim payments, reinsurance recoveries).
Monetary items arising under foreign currency derivative contracts at the reporting date must be translated as follows:
The general requirements for accounting treatment of exchange differences arising on translation are:
The Glossary Terms contains definitions of commonly used terms in the instruction guides and the forms listed in the Reporting Requirements Table.
| Item | Definition |
|---|---|
| Associates | Associate is defined consistent with the definition provided by the current Australian accounting standard regarding ‘Accounting for Investments in Associates’.Associate means an investee, not being:(a) a subsidiary of the investor; or(b) a partnership of the investor; or(c) an investment acquired and held exclusively with a view to its disposal in the near future.over which the investor has significant influence.Significant influence means the capacity of an entity to affect substantially (but not control) either, or both, of the financial and operating policies of another entity. |
| Controlled entity/Subsidiary | Definitions of controlled entities/subsidiaries should be consistent with the requirements of the current Australian accounting standards regarding ‘Consolidated Financial Reports’.The current Australian accounting standards regarding ‘Consolidated Financial Reports’ defines a controlled entity/“subsidiary" as meaning an entity, which is controlled by a parent entity. A parent entity is defined as an entity, which controls another entity.Entity means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.Control means the capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in pursuing the objectives of the controlling entity. |
| Assets | Assets is to be interpreted in accordance with the Australian Accounting Standards and authoritative pronouncements and Statements of Accounting Concepts. |
| Liabilities | Liabilities is to be interpreted in accordance with the Australian Accounting Standards and authoritative pronouncements and Statements of Accounting Concepts. |
| Fair Value | Fair value means the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:The quoted market price in an active and liquid market (ie market value); orwhen there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – an estimate of a price for the asset or liability in an active and liquid market.For the purposes of the APRA forms, fair value should ignore transaction costs. Market value is defined for accounting purposes as a subset of fair value - refer to the definitions of market value and net market value below. |
| Finance Lease | A finance lease over an asset is an arrangement under which the lessoreffectively 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. |
| Goodwill | The current Australian accounting standards regarding ‘Accounting for Goodwill’ provides that goodwill represents the future benefits from unidentifiable assets. Only goodwill which is purchased by the entity as part of the acquisition of an asset(s) can be recognised (i.e. internally generated goodwill must not be recognised).Goodwill which is purchased by the entity, must be measured as the excess of the cost of acquisition incurred by the entity over the fair value of the identifiable net assets acquired.Purchased goodwill must be amortised so that it is recognised as an expense in the profit and loss account on a straight-line basis, over the period from the date of acquisition to the end of the period of time during which the benefits are expected to arise. This period must not exceed twenty years from the date of acquisition. |
| Impairment | For the purposes of the APRA forms, impairment means that it is no longer considered probable that amounts of principal (or market value) and any associated amounts of accrued income (e.g. interest, dividends, distributions associated with the investment/asset) will be able to be collected by the superannuation entity. |
| Investment | Investment is to be interpreted in accordance with the Australian Accounting Standards and authoritative pronouncements and Statements of Accounting Concepts.In relation to superannuation entities, this generally means an asset held by the superannuation entity for the accretion of wealth by way of revenues such as interest, royalties, dividends, rentals and capital appreciation, but does not include operating assets. |
| Joint ventures | Defined in accordance with the current Australian accounting standards regarding ‘Interests in Joint Ventures’. Joint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control. Joint ventures can take the form of a joint venture entity or joint venture operation.Joint venture entity means a joint venture that is in the form of an entity and does not include:(a) an entity that is acquired and held exclusively with a view to its disposal in the near future(b) an entity that operates under severe long-term restrictions which impair significantly its ability to make distributions to the venturer.Joint venture operation means a joint venture that is not a joint venture entity and does not include an entity that:(a) is acquired and held exclusively with a view to its disposal in the near future(b) operates under severe long-term restrictions that impair significantly its ability to make distributions to the venturer. |
| Life office/Life company | A life insurance company is a company registered under the Life Insurance Act 1995. They provide insurance against death and disability and may also operate superannuation entities. Also known as life office. |
| Market value | Market value is defined for accounting purposes as a subset of fair value, and means the amount which could be expected to be received from the disposal of an asset in an active and liquid market.For the purposes of the forms, market value should ignore transaction costs. Refer also to the definition of net market value below. |
| Net market value | Net market value means the amount which could be expected to be received from the disposal of an asset in an active and liquid market (i.e. market value) after deducting costs expected to be incurred in realising the proceeds of such a disposal. Refer also to the definition of market value above. |
| Outside equity interest | Defined consistent with the current Australian accounting standards regarding ‘Consolidated Financial Reports’ outside equity interest" means the equity in the economic entity (consolidated group), other than that which can be attributed to the ownership group of the parent entity. |
| Parent entity | Parent entity is defined consistent with the current Australian accounting standards regarding ‘Consolidated Financial Reports’ and simply means an entity which controls another entity. |
| Pooled Superannuation Trust (PST) | A PST is a trust in which assets of a number of superannuation entities, approved deposit funds (ADFs) or other PSTs are invested and managed by a professional manager. The investment income of the PST is taxed at concessional rates within the PST. |
| Principal Value | Represents the notional or face value. |
| Related parties/entities | For the purposes of this form, related entities are to be interpreted consistently with the meaning as in the current Australian accounting standards regarding ‘Related Party Disclosures’. It provides that related party means, in relation to a reporting entity, any:(a) other entity that at any time during the financial year, has control or significant influence over the reporting entity; or(b) other entity that at any time during the financial year, is subject to control or significant influence by the reporting entity (i.e. subsidiary or an associated entity); or(c) other entity that, at any time during the financial year, is controlled by the same entity that controls the reporting entity. Referred to as a situation in which entities are subject to common control (i.e. Joint Ventures); or(d) other entity that, at any time during the financial year, is controlled by the same entity that significantly influences the reporting entity; or(e) other entity that, at any time during the financial year, is significantly influenced by the same entity that controls the reporting entity; or(f) director of the reporting entity or any of their director-related entities; or(g) director of any other entity identified as a related party under any of paragraphs (a) to (e), or any of their director-related entities;but excludes any other entity (except those identified as a related party under paragraph (f)) where the related party relationship results solely from normal dealings of:(h) financial institutions; or(i) authorised trustee corporations; or(j) fund managers; or(k) trade unions; or(l) statutory authorities; or(m) government departments; or(n) local governmentsThe current Australian accounting standards define director-related entities as meaning “the spouses of such directors, relatives of such directors or spouses and any other entity under the joint or several control or significant influence of such directors, spouses or relatives”.Relative in relation to a person is defined in the Corporations Act to mean the spouse, partner, son, daughter, or brother or sister of the person. |
| Reporting period | In relation to APRA forms:Reporting period end for all APRA forms (i.e. annual and quarterly reporting) is based on the year of income of the superannuation entity, not a calendar year.The financial information requested in the forms is to be reported as at the last day of the reporting period on a year of income to date basis of the superannuation entity. |
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.
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’.
Include:
Exclude:
Trustees of superannuation entities are to follow the Australian Accounting Standards, notably AAS 25 ‘Financial Reporting of Superannuation Plans’ and other mandatory and legislative requirements where applicable, regarding the interpretation, recognition and measurement of items of income, expense, assets and liabilities. AAS 25 requires a trustee of a superannuation entity to adopt net market value measurement where the superannuation entity is deemed to be a reporting entity. For the purposes of prudential reporting all trustees of superannuation entities are to adopt net market value measurement irrespective of their deemed reporting entity status.
Net market value has the same meaning as defined in the Australian accounting standards notable AAS 25. A definition is provided in the ‘Glossary of Terms’. Any change in the values at which such assets are measured must be recognised as revenues (or losses) in the reporting period in which the change occurs.
Accounting Standards AAS 4 ‘Depreciation’, AAS 10 ‘Recoverable Amount of Non-Current Assets’ and AASB 1041 ‘Revaluation of Non-Current Assets’ do not apply to such investments.
If an asset is in any way subject to a charge, covenant, encumbrance, option to purchase or any other arrangement by way of agreement or statute, that restricts the net market value of the asset, the market value needs to reflect the existence of these arrangements. For example, if the superannuation entity has agreed to deliver an asset to a purchaser at a price below the arms length market value, the market value cannot exceed the agreed price.
Unit of measurement
The above forms are to be prepared in thousands of Australian dollars (AUD), rounded to the nearest thousand, i.e. with no decimal place. As a general rule, amounts denominated in foreign currency are to be converted to AUD in accordance with the requirements of the current Australian accounting standards, notably Foreign Currency Translation.
The general requirements for translation are:
Monetary items are defined to mean money held and assets and liabilities that are to be received or paid in fixed or determinable amounts of money (eg. claim payments, reinsurance recoveries).
Monetary items arising under foreign currency derivative contracts at the reporting date must be translated as follows:
The general requirements for accounting treatment of exchange differences arising on translation are:
The Glossary Terms contains definitions of commonly used terms in the instruction guides and the forms listed in the Reporting Requirements Table.
| Item | Definition |
|---|---|
| Associates | Associate is defined consistent with the definition provided by the current Australian accounting standard regarding ‘Accounting for Investments in Associates’.Associate means an investee, not being:(a) a subsidiary of the investor; or(b) a partnership of the investor; or(c) an investment acquired and held exclusively with a view to its disposal in the near future.over which the investor has significant influence.Significant influence means the capacity of an entity to affect substantially (but not control) either, or both, of the financial and operating policies of another entity. |
| Controlled entity/Subsidiary | Definitions of controlled entities/subsidiaries should be consistent with the requirements of the current Australian accounting standards regarding ‘Consolidated Financial Reports’.The current Australian accounting standards regarding ‘Consolidated Financial Reports’ defines a controlled entity/“subsidiary" as meaning an entity, which is controlled by a parent entity. A parent entity is defined as an entity, which controls another entity.Entity means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.Control means the capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in pursuing the objectives of the controlling entity. |
| Assets | Assets is to be interpreted in accordance with the Australian Accounting Standards and authoritative pronouncements and Statements of Accounting Concepts. |
| Liabilities | Liabilities is to be interpreted in accordance with the Australian Accounting Standards and authoritative pronouncements and Statements of Accounting Concepts. |
| Fair Value | Fair value means the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:The quoted market price in an active and liquid market (ie market value); orwhen there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – an estimate of a price for the asset or liability in an active and liquid market.For the purposes of the APRA forms, fair value should ignore transaction costs. Market value is defined for accounting purposes as a subset of fair value - refer to the definitions of market value and net market value below. |
| Finance Lease | A finance lease over an asset is an arrangement under which the lessoreffectively 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. |
| Goodwill | The current Australian accounting standards regarding ‘Accounting for Goodwill’ provides that goodwill represents the future benefits from unidentifiable assets. Only goodwill which is purchased by the entity as part of the acquisition of an asset(s) can be recognised (i.e. internally generated goodwill must not be recognised).Goodwill which is purchased by the entity, must be measured as the excess of the cost of acquisition incurred by the entity over the fair value of the identifiable net assets acquired.Purchased goodwill must be amortised so that it is recognised as an expense in the profit and loss account on a straight-line basis, over the period from the date of acquisition to the end of the period of time during which the benefits are expected to arise. This period must not exceed twenty years from the date of acquisition. |
| Impairment | For the purposes of the APRA forms, impairment means that it is no longer considered probable that amounts of principal (or market value) and any associated amounts of accrued income (e.g. interest, dividends, distributions associated with the investment/asset) will be able to be collected by the superannuation entity. |
| Investment | Investment is to be interpreted in accordance with the Australian Accounting Standards and authoritative pronouncements and Statements of Accounting Concepts.In relation to superannuation entities, this generally means an asset held by the superannuation entity for the accretion of wealth by way of revenues such as interest, royalties, dividends, rentals and capital appreciation, but does not include operating assets. |
| Joint ventures | Defined in accordance with the current Australian accounting standards regarding ‘Interests in Joint Ventures’. Joint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control. Joint ventures can take the form of a joint venture entity or joint venture operation.Joint venture entity means a joint venture that is in the form of an entity and does not include:(a) an entity that is acquired and held exclusively with a view to its disposal in the near future(b) an entity that operates under severe long-term restrictions which impair significantly its ability to make distributions to the venturer.Joint venture operation means a joint venture that is not a joint venture entity and does not include an entity that:(a) is acquired and held exclusively with a view to its disposal in the near future(b) operates under severe long-term restrictions that impair significantly its ability to make distributions to the venturer. |
| Life office/Life company | A life insurance company is a company registered under the Life Insurance Act 1995. They provide insurance against death and disability and may also operate superannuation entities. Also known as life office. |
| Market value | Market value is defined for accounting purposes as a subset of fair value, and means the amount which could be expected to be received from the disposal of an asset in an active and liquid market.For the purposes of the forms, market value should ignore transaction costs. Refer also to the definition of net market value below. |
| Net market value | Net market value means the amount which could be expected to be received from the disposal of an asset in an active and liquid market (i.e. market value) after deducting costs expected to be incurred in realising the proceeds of such a disposal. Refer also to the definition of market value above. |
| Outside equity interest | Defined consistent with the current Australian accounting standards regarding ‘Consolidated Financial Reports’ outside equity interest" means the equity in the economic entity (consolidated group), other than that which can be attributed to the ownership group of the parent entity. |
| Parent entity | Parent entity is defined consistent with the current Australian accounting standards regarding ‘Consolidated Financial Reports’ and simply means an entity which controls another entity. |
| Pooled Superannuation Trust (PST) | A PST is a trust in which assets of a number of superannuation entities, approved deposit funds (ADFs) or other PSTs are invested and managed by a professional manager. The investment income of the PST is taxed at concessional rates within the PST. |
| Principal Value | Represents the notional or face value. |
| Related parties/entities | For the purposes of this form, related entities are to be interpreted consistently with the meaning as in the current Australian accounting standards regarding ‘Related Party Disclosures’. It provides that related party means, in relation to a reporting entity, any:(a) other entity that at any time during the financial year, has control or significant influence over the reporting entity; or(b) other entity that at any time during the financial year, is subject to control or significant influence by the reporting entity (i.e. subsidiary or an associated entity); or(c) other entity that, at any time during the financial year, is controlled by the same entity that controls the reporting entity. Referred to as a situation in which entities are subject to common control (i.e. Joint Ventures); or(d) other entity that, at any time during the financial year, is controlled by the same entity that significantly influences the reporting entity; or(e) other entity that, at any time during the financial year, is significantly influenced by the same entity that controls the reporting entity; or(f) director of the reporting entity or any of their director-related entities; or(g) director of any other entity identified as a related party under any of paragraphs (a) to (e), or any of their director-related entities;but excludes any other entity (except those identified as a related party under paragraph (f)) where the related party relationship results solely from normal dealings of:(h) financial institutions; or(i) authorised trustee corporations; or(j) fund managers; or(k) trade unions; or(l) statutory authorities; or(m) government departments; or(n) local governmentsThe current Australian accounting standards define director-related entities as meaning “the spouses of such directors, relatives of such directors or spouses and any other entity under the joint or several control or significant influence of such directors, spouses or relatives”.Relative in relation to a person is defined in the Corporations Act to mean the spouse, partner, son, daughter, or brother or sister of the person. |
| Reporting period | In relation to APRA forms:Reporting period end for all APRA forms (i.e. annual and quarterly reporting) is based on the year of income of the superannuation entity, not a calendar year.The financial information requested in the forms is to be reported as at the last day of the reporting period on a year of income to date basis of the superannuation entity. |
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
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, information in relation to the profile of membership of the superannuation entity and of member benefits.
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 240.0, 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 240.0 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 240.0 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 the trustee 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 sub-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 it 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 9 or, if applicable, paragraph 10;
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, information in relation to the profile of membership of the superannuation entity and of member benefits.
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 240.0, 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 240.0 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 240.0 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.