Reporting Standard SRS 330.0 (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This Act has been repealed and is no longer in force. It is retained for historical reference.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 standard requires trustees of Small APRA Funds and single‑member Approved Deposit Funds to submit Form SRF 330.0 each reporting period disclosing transactions with associated parties. It specifies how to lodge (electronic or paper), who must sign or authorise the data, audit and quality‑control expectations, due dates and detailed definitions to ensure consistent reporting to APRA for prudential supervision.
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Direct links to the current provisions in Financial Sector (Collection of Data) determination No. 63 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 small APRA fund or a single member approved deposit fund to give APRA, on an annual basis, certain information in relation to the nature of transactions with certain parties (e.g. individual trustees/directors, parent entity of the trustee entity).
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 either:
(a) a small APRA fund; or
(b) 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 330.0, 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 330.0 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 330.0 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 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.
(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
17.18.In this reporting standard:
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;
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 small APRA fund or a single member approved deposit fund to give APRA, on an annual basis, certain information in relation to the nature of transactions with certain parties (e.g. individual trustees/directors, parent entity of the trustee entity).
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 either:
(a) a small APRA fund; or
(b) 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 330.0, 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 330.0 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 330.0 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 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.
(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
17.18.In this reporting standard:
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;
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 330.0 Transactions with Associated Parties
This form must be completed on an annual basis by all trustees of Small APRA Funds (SAFs) and Single Member Approved Deposit Funds (SMADFs). There are no exemptions for any type of superannuation entity.
If 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 annual return.
Note: All forms included in the SRF 300 series should be submitted together as an annual return, not individually as separate forms.
Purpose
This form collects information on transactions with associated parties of the reporting superannuation entity. Information on this form is prudentially important, as it forms part of APRA’s monitoring and analysis framework for superannuation entities and the industry.
This Guide has been prepared to assist in the completion and lodgement of SRF 330.0 Transactions with Associated Entities. For ease of use, the Guide has been split into three main sections as follows:
Lodgement and validation of SRF 330.0 Transactions with Associated Entities
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 330.0 Transactions with Associated Entities 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 8 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 300.0 Statement of Financial Performance, SRF 310.0 Statement of Financial Position, SRF 320.0 Exposure Concentrations and SRF 330.0 Transactions with Associated Parties) have been submitted.
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 310.1 ‘Selected Disclosure of Investments’ must agree with the investments reported in item 3 ‘Investments’ on SRF 310.0 Statement of Financial Position.
Changes to SRF 330.0 Transactions with Associated Parties
As detailed above, any change of information entered or resubmission of the return will result in a change to the authentication code. SRF 330.0 Transactions with Associated Parties 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 330.0 Transactions with Associated Parties
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 330.0 Transactions with Associated Parties as ‘Transactions with Associated Parties’ are material by their nature. All balances must be recorded. Amounts cannot be omitted based on materiality levels. Each superannuation entity should use its own judgement in grouping items into meaningful categories (where applicable).
Important!
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.
Contribution revenue and benefit payments
Exclude all contribution revenue and benefit payments from SRF 330.0 Transactions with Associated Parties. APRA views these transactions as 'at arms length' and in the ordinary course of business operations for all superannuation entities and, consequently, these transactions should not be reported.
In addition, individual listings of contributions made to, and benefit payments received from, the superannuation entity are not required to be reported to APRA.
It is not APRA’s intention to drill down into the normal transactions of a superannuation entity which have already been reported in SRF 300.0 Statement of Financial Performance and SRF 310.0 Statement of Financial Position of the annual APRA return.
Aggregation of transactions
Transactions may be aggregated for the purposes of reporting on this form only where they occurred during the same reporting period, and where the counterparty, relationship, and the other characteristics of the transactions (as listed for this form) are the same.
For example, total balances (as opposed to individual transactions) can be reported for acquisition costs and disposal proceeds where the counterparty, relationship, asset class and type are the same. If the ABN is available this should be reported and should be the same for all investments included in the aggregate.
Specific definitions
Note: Guidance on what constitutes an “associated party” is included at column (2) Relationship, later in this document.
A party is an entity according to the current Australian Accounting Standard relating to consolidated accounts. “Entity” is defined to mean 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.
Is defined in accordance with the definition provided in the current Australian Accounting Standard relating to investments in associates as meaning an investee not being a:
(a) subsidiary of the investor; or
(b) partnership of the investor; or
(c) investment acquired and held exclusively with a view to its disposal in the near future;
over which the investor has significant influence.
Significant influence is defined in accordance with the definition provided in the current Australian Accounting Standard relating to investments in associates as significant influence as the power to participate in the financial and operating policy decisions of the investee but not to control those policies.
For reference, a standard list of associated entities is included in the drop-down box in SRF 330.0 Transactions with Associated Parties under all items, column (2). There are 11 standard associated entity relationships and each of these is described in the instruction guide for specific items (below).
Is defined in accordance with the current Australian Accounting Standard relating to joint ventures, as meaning a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control. A joint venture may take the form of the following:
A joint venture entity
Means a joint venture that is in the form of an 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.
A Joint venture operation
Means a joint venture that is not in the form of a joint venture entity and it 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.
Is defined by the current Australian Accounting Standard relating to consolidated accounts as meaning an entity that controls another entity. “Entity” is defined to mean 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.
Is defined in accordance with the definition provided in the current Australian Accounting Standard relating to consolidated accounts as, “an entity that is controlled by a parent entity”.
Control is defined by the current Australian Accounting Standard relating to consolidated accounts as 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.
Capacity is defined by the current Australian Accounting Standard relating to consolidated accounts as meaning ability or power, whether direct or indirect, and includes ability or power that is presently exercisable as a result of, by means of, in breach of, or by revocation of, any of or any combination of the following:
(a) trusts;
(b) relevant agreements; and
(c) practices;
whether or not enforceable.
For the purposes of this form, an “approved trustee” is any trustee of an APRA-regulated superannuation entity that is a corporation. It includes (but is not limited to) any corporate trustee, including a corporate trustee approved by APRA (where the Regulator must be satisfied that it can be relied on to perform the duties of trustee in a proper manner and which satisfies minimum liquidity/financial requirements). It does not include a group of individual trustees.
Instruction guide for specific items
The instruction guide for specific items contains four items, in accordance with the format of SRF 330.0 Transactions with Associated Parties:
Columns (1) to (3) which appear under all four items are below:
(1) Counterparty
Detail the name of the other party to the transaction.
(2) Relationship
The drop down box lists the potential types of relationships that may exist between the reporting superannuation entity and the other parties involved in the transaction. Select the most appropriate one.
For example, superannuation entities should report all transactions with a member related business/entity (i.e. where a member is a director of a company doing business with the superannuation entity) in the drop-down box under column (2) section 10 ‘Member related business/entity’.
Interpretations of the list of relationships specified in the form are provided below:
Section 1 Trustee of the entity
This refers to those superannuation entities where the trustees are individuals rather than a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and a Trustee and/or the spouse of a Trustee of the reporting superannuation entity.
Section 2 Related entity of the trustee of the entity
This refers to those superannuation entities where the trustees are individuals rather than a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and a business or entity that is related to a Trustee of the reporting superannuation entity. A business or entity that is related to a Trustee is to be interpreted as including:
Section 3 Approved trustee of the reporting entity
This refers to where the trustee of the superannuation entity is a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and the corporate Trustee of the reporting superannuation entity.
Section 4 Trustee/director of the approved trustee
This refers to those superannuation entities where the trustee is a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and individual directors (and/or those directors’ spouses) of the corporate Trustee of the reporting superannuation entity.
Section 5 Employee/contractor/consultant of the approved trustee
This refers to those superannuation entities where the trustee is a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and any individual employees or contractors or consultants of the corporate Trustee of the reporting superannuation entity.
Section 6 Trustee/Director of a group entity of the approved trustee
This refers to those superannuation entities where the trustee is a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and directors of an entity that is part of the consolidated group economic entity of which the approved trustee forms a part. This will include directors of the following group entities:
Section 7 A related entity of the Director/trustee of the entity that is not a group entity of the approved trustee
This refers to those superannuation entities where the trustee is a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and an entity that is related to a director of the corporate trustee of the reporting superannuation entity, but that entity is NOT part of the consolidated group economic entity to which the approved trustee belongs i.e. this does not include entities that are listed in item (9) below.
Section 8 Other group entities of the approved trustee
This refers to those superannuation entities where the trustee is a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and an entity that is part of the consolidated group economic entity to which the approved trustee belongs. This will include the following group entities:
Section 9 Subsidiary, associate or joint venture of the entity
This selection will be applicable where there have been transactions between the reporting superannuation entity and any subsidiaries, associates or joint ventures of the reporting superannuation entity.
Section 10 Member related business/entity
This selection will be applicable where there have been transactions between the reporting superannuation entity and a business or entity that is related to a member of the reporting superannuation entity (where this is known). A business or entity that is related to a Member of the reporting superannuation entity is to be interpreted as including:
Section 11 Other
This section will be applicable where any of the above selections are not appropriate.
(3) ABN
Provide the ABN of the related party where applicable.
Completion of the ABN fields is not mandatory to lodge returns. If the ABN is not recorded in the superannuation entities’ system, or is not known, leave the ABN blank. A Warning confirmation validation rule in D2A will request confirmation that the investment entity has not applied for an ABN. Tick the box as confirmation and enter the comment that ABN is not known.
Item 1 Investments/assets
If the transaction with the party selected under “(2) Relationship” above involved the acquisition/disposal of an investment/asset, then these columns are required to be completed where appropriate. If an acquisition/disposal transaction did not occur in the current reporting period/financial year, then item 1 must be left blank.
If the transaction with the party involved the recognition or extinguishment of an asset (that is recognised on balance sheet or off-balance sheet), then these columns are required to be completed where appropriate.
Columns (4) to (9), relating to item 1, are below:
(4) Type
Select from the drop down box:
On-balance sheet exposures
On-Balance sheet exposures relate to those assets or rights recognised on-balance sheet (i.e. recorded on the face of the balance sheet or statement of financial position). For these exposures record the net market value.
Off-balance sheet exposures
Off-Balance sheet exposures relate to those assets or rights that do not satisfy the recognition requirements of the current Australian Accounting Standards and are therefore not recognised on-balance sheet (i.e. not recorded on the face of the balance sheet or statement of financial position). These transactions may include transactions such as performance-related rights, and guarantees, whether revocable or not.
(5) Asset class
Select the appropriate asset class type from the drop down list provided. This list should follow the main asset class heading in the Statement of Financial Position.
(6) Acquisition cost
Acquisition costs must only be recorded in SRF 330.0 Transactions with Associated Parties item 1, column (6) if the acquisition has been made in the current reporting period/financial year. Any acquisitions made prior to the start of the current reporting period/financial year must not be disclosed.
Record the original cost paid to acquire the asset, at the date the asset was initially acquired in the current financial year by the superannuation entity. Where the asset was acquired in stages, sum the initial acquisition cost of each stage which occurred in the current financial year only.
Acquisition cost is not the current net market value/fair value of that asset.
Important!
As detailed under the general instructions, transactions may be aggregated for the purposes of reporting acquisition costs and disposal proceeds, but only where they occurred during the same reporting period, and where the counterparty, relationship, and the other characteristics of the transactions are the same.
Important!
If a superannuation entity recognises a bank as a related entity, the entity should not report amounts received in the bank account as acquisitions and amounts paid as disposals. Instead the net movement for the year should be reported as an acquisition in column (6) (where the movement is positive) or as a disposal in column (7) (where the net movement is negative). The fair value at the balance date disclosed in column (9) should be the closing balance of the bank account.
(7) Disposal proceeds
Where applicable record the proceeds received or receivable on the disposal of the asset. Disposal proceeds must only be recorded in SRF 330.0 Transactions with Associated Parties item 1, column (7) if the disposal has been made in the current reporting period/financial year. Any disposals made prior to the start of the current reporting period/financial year must not be disclosed.
Refer details under column (6) above.
(8) Net transactions
Represents the aggregate net value of all transactions involving the acquisition/disposal of investments/assets during the period, between the superannuation entity and that particular related party.
(9) Fair value at balance date
Where the investment or asset is held by the superannuation entity as at end of the financial year, record the net market or net fair value of the investment or asset as at balance date.
Note: If this figure is $Nil at year end, a confirmation box will appear on validating the form. Tick the confirmation box, and input an explanation of the reason for this (e.g. “asset disposed of during the year”) in the box provided. The form can then be submitted.
Important!
If a superannuation entity has a related party investment at the financial year end, but there have been $nil acquisitions or disposals during the current financial year in relation to this investment, the fair value of the related party investment assets at the financial year end should not be reported in column (9) ‘Fair Value at Balance Date’.
However, the change in net market value of the related party investment should be reported in SRF 330.0 Transactions with Associated Parties item 3 ‘Income’, under column (4) ‘Type’ as ‘change in net market value realised or unrealised gains/losses’ selected from the drop-down box.
Item 2 Liabilities/contingencies/obligations
If the transaction with the party involved the recognition or extinguishment of a liability or obligation (recognised on or off-balance sheet), then this item is required to be completed where appropriate. If a transaction involving the recognition or extinguishment of a liability or obligation did not occur in the current reporting period/financial year, then item 2 must be left blank. For the purposes of this form, liabilities include claims and commitments recognised both on balance sheet and off the balance sheet of the reporting superannuation entity.
Columns (4) to (9), relating to item 2, are below:
(4) Type
Select from the drop down box:
On-balance sheet exposures
On-Balance sheet exposures relate to those assets or rights recognised on-balance sheet (i.e. recorded on the face of the balance sheet or statement of financial position). For these exposures record the net market value.
Off-balance sheet exposures
Off-Balance sheet exposures relate to those assets or rights that do not satisfy the recognition requirements of the current Australian Accounting Standards and are therefore not recognised on-balance sheet (i.e. not recorded on the face of the balance sheet or statement of financial position). These transactions may include transactions such as performance-related rights, and guarantees, whether revocable or not.
(5) Liability type
Select the liability class type from the drop down list provided.
(6) Face value
Record the face value or principle value of the liability
(7) Amount paid to settle liability
Where applicable record the amount paid to settle the liability, claim, or obligation
(8) Net transactions
Represents the aggregate net value of all transactions involving the incurring/settlement of liabilities during the period, between the superannuation entity and the particular related party.
(9) Fair value at balance date
Where the liability of the superannuation entity exists as at the end of the financial year, record the market or fair value of the liability as at balance date.
Note: If this figure is $Nil at year end, a confirmation box will appear on validating the form. Tick the confirmation box, and input an explanation of the reason for this (e.g. “liability fully settled during the year”) in the box provided. The form can then be submitted.
Item 3. Income
If the transaction with the related party involved the acquisition/disposal of an investment/asset and or the recognition or extinguishment of a liability or obligation, it is likely that items of income or expenses recognised by the superannuation entity will also be attributable to such related party transactions.
Where the transaction with the related party constitutes or gives rise to the recognition of income by the superannuation entity, then this item is required to be completed where appropriate.
All income recognised by the superannuation entity which relates to an associated party transaction should be reported under item 3, even if no acquisition or disposal transactions have occurred in the current reporting period/financial year.
Columns (4) to (6), relating to item 3, are below:
(4) Type
Select the most appropriate income type from the list provided where applicable.
Important!
Inter alia, contribution revenue from related parties is included here.
(5) Income recognised
Record the value of the income that is recognised
(6) Basis income recognised in P&L
Select from the drop down list provided the basis for the recognition of the item of income (i.e. has the income item been received or has it been accrued and is therefore receivable).
Only report items in one reporting period – either when they are accrued or when received/paid, according to the basis on which the transaction is recognised.
Item 4. Expense/benefit payments
If the transaction with the related party involved the acquisition/disposal of an investment/asset and or the recognition or extinguishment of a liability or obligation, it is likely that such transactions will also give rise to income or expenses recognised by the superannuation entity. Where the transaction with the related party constitutes or gives rise to the recognition of an expense by the superannuation entity, then this item is required to be completed where appropriate.
All expenses paid by the superannuation entity which relate to an associated party transaction should be reported under item 4, even if no acquisition or disposal transactions have occurred in the current reporting period/financial year.
Columns (4) to (6), relating to item 3, are below:
(4) Type
Select the most appropriate expense type from the drop down list provided.
Important!
Inter alia, benefit payments to related parties are included here.
(5) Expense recognised in P&L
Record the value of the expense that is recognised.
(6) Basis expense recognised
Select from the drop down list provided the basis for the recognition of the item of income (i.e. has the income item been paid or has it been accrued and is receivable).
Only report items in one reporting period – either when they are accrued or when received/paid, according to the basis on which the transaction is recognised.
Completion of SRF 330.0 Transactions with Associated Parties
This form must be completed on an annual basis by all trustees of Small APRA Funds (SAFs) and Single Member Approved Deposit Funds (SMADFs). There are no exemptions for any type of superannuation entity.
If 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 annual return.
Note: All forms included in the SRF 300 series should be submitted together as an annual return, not individually as separate forms.
Purpose
This form collects information on transactions with associated parties of the reporting superannuation entity. Information on this form is prudentially important, as it forms part of APRA’s monitoring and analysis framework for superannuation entities and the industry.
This Guide has been prepared to assist in the completion and lodgement of SRF 330.0 Transactions with Associated Entities. For ease of use, the Guide has been split into three main sections as follows:
Lodgement and validation of SRF 330.0 Transactions with Associated Entities
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 330.0 Transactions with Associated Entities 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 8 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 300.0 Statement of Financial Performance, SRF 310.0 Statement of Financial Position, SRF 320.0 Exposure Concentrations and SRF 330.0 Transactions with Associated Parties) have been submitted.
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 310.1 ‘Selected Disclosure of Investments’ must agree with the investments reported in item 3 ‘Investments’ on SRF 310.0 Statement of Financial Position.
Changes to SRF 330.0 Transactions with Associated Parties
As detailed above, any change of information entered or resubmission of the return will result in a change to the authentication code. SRF 330.0 Transactions with Associated Parties 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 330.0 Transactions with Associated Parties
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 330.0 Transactions with Associated Parties as ‘Transactions with Associated Parties’ are material by their nature. All balances must be recorded. Amounts cannot be omitted based on materiality levels. Each superannuation entity should use its own judgement in grouping items into meaningful categories (where applicable).
Important!
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.
Contribution revenue and benefit payments
Exclude all contribution revenue and benefit payments from SRF 330.0 Transactions with Associated Parties. APRA views these transactions as 'at arms length' and in the ordinary course of business operations for all superannuation entities and, consequently, these transactions should not be reported.
In addition, individual listings of contributions made to, and benefit payments received from, the superannuation entity are not required to be reported to APRA.
It is not APRA’s intention to drill down into the normal transactions of a superannuation entity which have already been reported in SRF 300.0 Statement of Financial Performance and SRF 310.0 Statement of Financial Position of the annual APRA return.
Aggregation of transactions
Transactions may be aggregated for the purposes of reporting on this form only where they occurred during the same reporting period, and where the counterparty, relationship, and the other characteristics of the transactions (as listed for this form) are the same.
For example, total balances (as opposed to individual transactions) can be reported for acquisition costs and disposal proceeds where the counterparty, relationship, asset class and type are the same. If the ABN is available this should be reported and should be the same for all investments included in the aggregate.
Specific definitions
Note: Guidance on what constitutes an “associated party” is included at column (2) Relationship, later in this document.
A party is an entity according to the current Australian Accounting Standard relating to consolidated accounts. “Entity” is defined to mean 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.
Is defined in accordance with the definition provided in the current Australian Accounting Standard relating to investments in associates as meaning an investee not being a:
(a) subsidiary of the investor; or
(b) partnership of the investor; or
(c) investment acquired and held exclusively with a view to its disposal in the near future;
over which the investor has significant influence.
Significant influence is defined in accordance with the definition provided in the current Australian Accounting Standard relating to investments in associates as significant influence as the power to participate in the financial and operating policy decisions of the investee but not to control those policies.
For reference, a standard list of associated entities is included in the drop-down box in SRF 330.0 Transactions with Associated Parties under all items, column (2). There are 11 standard associated entity relationships and each of these is described in the instruction guide for specific items (below).
Is defined in accordance with the current Australian Accounting Standard relating to joint ventures, as meaning a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control. A joint venture may take the form of the following:
A joint venture entity
Means a joint venture that is in the form of an 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.
A Joint venture operation
Means a joint venture that is not in the form of a joint venture entity and it 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.
Is defined by the current Australian Accounting Standard relating to consolidated accounts as meaning an entity that controls another entity. “Entity” is defined to mean 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.
Is defined in accordance with the definition provided in the current Australian Accounting Standard relating to consolidated accounts as, “an entity that is controlled by a parent entity”.
Control is defined by the current Australian Accounting Standard relating to consolidated accounts as 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.
Capacity is defined by the current Australian Accounting Standard relating to consolidated accounts as meaning ability or power, whether direct or indirect, and includes ability or power that is presently exercisable as a result of, by means of, in breach of, or by revocation of, any of or any combination of the following:
(a) trusts;
(b) relevant agreements; and
(c) practices;
whether or not enforceable.
For the purposes of this form, an “approved trustee” is any trustee of an APRA-regulated superannuation entity that is a corporation. It includes (but is not limited to) any corporate trustee, including a corporate trustee approved by APRA (where the Regulator must be satisfied that it can be relied on to perform the duties of trustee in a proper manner and which satisfies minimum liquidity/financial requirements). It does not include a group of individual trustees.
Instruction guide for specific items
The instruction guide for specific items contains four items, in accordance with the format of SRF 330.0 Transactions with Associated Parties:
Columns (1) to (3) which appear under all four items are below:
(1) Counterparty
Detail the name of the other party to the transaction.
(2) Relationship
The drop down box lists the potential types of relationships that may exist between the reporting superannuation entity and the other parties involved in the transaction. Select the most appropriate one.
For example, superannuation entities should report all transactions with a member related business/entity (i.e. where a member is a director of a company doing business with the superannuation entity) in the drop-down box under column (2) section 10 ‘Member related business/entity’.
Interpretations of the list of relationships specified in the form are provided below:
Section 1 Trustee of the entity
This refers to those superannuation entities where the trustees are individuals rather than a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and a Trustee and/or the spouse of a Trustee of the reporting superannuation entity.
Section 2 Related entity of the trustee of the entity
This refers to those superannuation entities where the trustees are individuals rather than a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and a business or entity that is related to a Trustee of the reporting superannuation entity. A business or entity that is related to a Trustee is to be interpreted as including:
Section 3 Approved trustee of the reporting entity
This refers to where the trustee of the superannuation entity is a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and the corporate Trustee of the reporting superannuation entity.
Section 4 Trustee/director of the approved trustee
This refers to those superannuation entities where the trustee is a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and individual directors (and/or those directors’ spouses) of the corporate Trustee of the reporting superannuation entity.
Section 5 Employee/contractor/consultant of the approved trustee
This refers to those superannuation entities where the trustee is a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and any individual employees or contractors or consultants of the corporate Trustee of the reporting superannuation entity.
Section 6 Trustee/Director of a group entity of the approved trustee
This refers to those superannuation entities where the trustee is a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and directors of an entity that is part of the consolidated group economic entity of which the approved trustee forms a part. This will include directors of the following group entities:
Section 7 A related entity of the Director/trustee of the entity that is not a group entity of the approved trustee
This refers to those superannuation entities where the trustee is a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and an entity that is related to a director of the corporate trustee of the reporting superannuation entity, but that entity is NOT part of the consolidated group economic entity to which the approved trustee belongs i.e. this does not include entities that are listed in item (9) below.
Section 8 Other group entities of the approved trustee
This refers to those superannuation entities where the trustee is a corporate trustee. This selection will be applicable where there have been transactions between the reporting superannuation entity and an entity that is part of the consolidated group economic entity to which the approved trustee belongs. This will include the following group entities:
Section 9 Subsidiary, associate or joint venture of the entity
This selection will be applicable where there have been transactions between the reporting superannuation entity and any subsidiaries, associates or joint ventures of the reporting superannuation entity.
Section 10 Member related business/entity
This selection will be applicable where there have been transactions between the reporting superannuation entity and a business or entity that is related to a member of the reporting superannuation entity (where this is known). A business or entity that is related to a Member of the reporting superannuation entity is to be interpreted as including:
Section 11 Other
This section will be applicable where any of the above selections are not appropriate.
(3) ABN
Provide the ABN of the related party where applicable.
Completion of the ABN fields is not mandatory to lodge returns. If the ABN is not recorded in the superannuation entities’ system, or is not known, leave the ABN blank. A Warning confirmation validation rule in D2A will request confirmation that the investment entity has not applied for an ABN. Tick the box as confirmation and enter the comment that ABN is not known.
Item 1 Investments/assets
If the transaction with the party selected under “(2) Relationship” above involved the acquisition/disposal of an investment/asset, then these columns are required to be completed where appropriate. If an acquisition/disposal transaction did not occur in the current reporting period/financial year, then item 1 must be left blank.
If the transaction with the party involved the recognition or extinguishment of an asset (that is recognised on balance sheet or off-balance sheet), then these columns are required to be completed where appropriate.
Columns (4) to (9), relating to item 1, are below:
(4) Type
Select from the drop down box:
On-balance sheet exposures
On-Balance sheet exposures relate to those assets or rights recognised on-balance sheet (i.e. recorded on the face of the balance sheet or statement of financial position). For these exposures record the net market value.
Off-balance sheet exposures
Off-Balance sheet exposures relate to those assets or rights that do not satisfy the recognition requirements of the current Australian Accounting Standards and are therefore not recognised on-balance sheet (i.e. not recorded on the face of the balance sheet or statement of financial position). These transactions may include transactions such as performance-related rights, and guarantees, whether revocable or not.
(5) Asset class
Select the appropriate asset class type from the drop down list provided. This list should follow the main asset class heading in the Statement of Financial Position.
(6) Acquisition cost
Acquisition costs must only be recorded in SRF 330.0 Transactions with Associated Parties item 1, column (6) if the acquisition has been made in the current reporting period/financial year. Any acquisitions made prior to the start of the current reporting period/financial year must not be disclosed.
Record the original cost paid to acquire the asset, at the date the asset was initially acquired in the current financial year by the superannuation entity. Where the asset was acquired in stages, sum the initial acquisition cost of each stage which occurred in the current financial year only.
Acquisition cost is not the current net market value/fair value of that asset.
Important!
As detailed under the general instructions, transactions may be aggregated for the purposes of reporting acquisition costs and disposal proceeds, but only where they occurred during the same reporting period, and where the counterparty, relationship, and the other characteristics of the transactions are the same.
Important!
If a superannuation entity recognises a bank as a related entity, the entity should not report amounts received in the bank account as acquisitions and amounts paid as disposals. Instead the net movement for the year should be reported as an acquisition in column (6) (where the movement is positive) or as a disposal in column (7) (where the net movement is negative). The fair value at the balance date disclosed in column (9) should be the closing balance of the bank account.
(7) Disposal proceeds
Where applicable record the proceeds received or receivable on the disposal of the asset. Disposal proceeds must only be recorded in SRF 330.0 Transactions with Associated Parties item 1, column (7) if the disposal has been made in the current reporting period/financial year. Any disposals made prior to the start of the current reporting period/financial year must not be disclosed.
Refer details under column (6) above.
(8) Net transactions
Represents the aggregate net value of all transactions involving the acquisition/disposal of investments/assets during the period, between the superannuation entity and that particular related party.
(9) Fair value at balance date
Where the investment or asset is held by the superannuation entity as at end of the financial year, record the net market or net fair value of the investment or asset as at balance date.
Note: If this figure is $Nil at year end, a confirmation box will appear on validating the form. Tick the confirmation box, and input an explanation of the reason for this (e.g. “asset disposed of during the year”) in the box provided. The form can then be submitted.
Important!
If a superannuation entity has a related party investment at the financial year end, but there have been $nil acquisitions or disposals during the current financial year in relation to this investment, the fair value of the related party investment assets at the financial year end should not be reported in column (9) ‘Fair Value at Balance Date’.
However, the change in net market value of the related party investment should be reported in SRF 330.0 Transactions with Associated Parties item 3 ‘Income’, under column (4) ‘Type’ as ‘change in net market value realised or unrealised gains/losses’ selected from the drop-down box.
Item 2 Liabilities/contingencies/obligations
If the transaction with the party involved the recognition or extinguishment of a liability or obligation (recognised on or off-balance sheet), then this item is required to be completed where appropriate. If a transaction involving the recognition or extinguishment of a liability or obligation did not occur in the current reporting period/financial year, then item 2 must be left blank. For the purposes of this form, liabilities include claims and commitments recognised both on balance sheet and off the balance sheet of the reporting superannuation entity.
Columns (4) to (9), relating to item 2, are below:
(4) Type
Select from the drop down box:
On-balance sheet exposures
On-Balance sheet exposures relate to those assets or rights recognised on-balance sheet (i.e. recorded on the face of the balance sheet or statement of financial position). For these exposures record the net market value.
Off-balance sheet exposures
Off-Balance sheet exposures relate to those assets or rights that do not satisfy the recognition requirements of the current Australian Accounting Standards and are therefore not recognised on-balance sheet (i.e. not recorded on the face of the balance sheet or statement of financial position). These transactions may include transactions such as performance-related rights, and guarantees, whether revocable or not.
(5) Liability type
Select the liability class type from the drop down list provided.
(6) Face value
Record the face value or principle value of the liability
(7) Amount paid to settle liability
Where applicable record the amount paid to settle the liability, claim, or obligation
(8) Net transactions
Represents the aggregate net value of all transactions involving the incurring/settlement of liabilities during the period, between the superannuation entity and the particular related party.
(9) Fair value at balance date
Where the liability of the superannuation entity exists as at the end of the financial year, record the market or fair value of the liability as at balance date.
Note: If this figure is $Nil at year end, a confirmation box will appear on validating the form. Tick the confirmation box, and input an explanation of the reason for this (e.g. “liability fully settled during the year”) in the box provided. The form can then be submitted.
Item 3. Income
If the transaction with the related party involved the acquisition/disposal of an investment/asset and or the recognition or extinguishment of a liability or obligation, it is likely that items of income or expenses recognised by the superannuation entity will also be attributable to such related party transactions.
Where the transaction with the related party constitutes or gives rise to the recognition of income by the superannuation entity, then this item is required to be completed where appropriate.
All income recognised by the superannuation entity which relates to an associated party transaction should be reported under item 3, even if no acquisition or disposal transactions have occurred in the current reporting period/financial year.
Columns (4) to (6), relating to item 3, are below:
(4) Type
Select the most appropriate income type from the list provided where applicable.
Important!
Inter alia, contribution revenue from related parties is included here.
(5) Income recognised
Record the value of the income that is recognised
(6) Basis income recognised in P&L
Select from the drop down list provided the basis for the recognition of the item of income (i.e. has the income item been received or has it been accrued and is therefore receivable).
Only report items in one reporting period – either when they are accrued or when received/paid, according to the basis on which the transaction is recognised.
Item 4. Expense/benefit payments
If the transaction with the related party involved the acquisition/disposal of an investment/asset and or the recognition or extinguishment of a liability or obligation, it is likely that such transactions will also give rise to income or expenses recognised by the superannuation entity. Where the transaction with the related party constitutes or gives rise to the recognition of an expense by the superannuation entity, then this item is required to be completed where appropriate.
All expenses paid by the superannuation entity which relate to an associated party transaction should be reported under item 4, even if no acquisition or disposal transactions have occurred in the current reporting period/financial year.
Columns (4) to (6), relating to item 3, are below:
(4) Type
Select the most appropriate expense type from the drop down list provided.
Important!
Inter alia, benefit payments to related parties are included here.
(5) Expense recognised in P&L
Record the value of the expense that is recognised.
(6) Basis expense recognised
Select from the drop down list provided the basis for the recognition of the item of income (i.e. has the income item been paid or has it been accrued and is receivable).
Only report items in one reporting period – either when they are accrued or when received/paid, according to the basis on which the transaction is recognised.
Entities subject to annual reporting
Trustees of superannuation entities that are regulated by APRA and classified as ‘Small APRA Funds’ (SAFs) or single-member Approved Deposit Funds (SMADFs) are required to complete the annual reporting requirements set out in the table below.
Reporting Requirements Table
| Form Number | Form Name | Subject to Audit |
|---|---|---|
| SRF 300.0 | Statement of Financial Performance | Yes |
| SRF 310.0 | Statement of Financial Position | Yes |
| SRF 310.1 | Selected Disclosure of Investments | No |
| SRF 310.2 | Derivative Financial Instruments | No |
| SRF 320.0 | Exposure Concentrations | Yes |
| SRF 330.0 | Transactions with Associated Parties | Yes |
| SRF 340.0 | Superannuation Entity Profile | No |
| SRF 350.0 | Trustee Statement | No |
Reporting period
The information requested in the above forms is to be reported for the year of income of the superannuation entity.
Lodgement requirements
All forms listed in the above table comprise the APRA annual return for SAFs and single-member ADFs. The 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 Trustee Statement, and the Independent Audit Report from the auditor of the superannuation entity covering those forms highlighted as subject to audit. The nature of the audit reports required for these forms will be as developed in conjunction with the Auditing and Assurance Standards Board of Australia.
Amendments
Where the trustee of the 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.
Direct vs Indirect investments:
Certain items on the forms distinguish between ‘directly held’ investments and those which are not directly held.
Disclosures regarding directly held investments and investments in individually managed mandates/portfolios are required to be disclosed on a look-through basis 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 but a look-through basis is not required.
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 and authoritative pronouncements regarding the interpretation/definition, recognition and measurement of items of income, expense, assets and liabilities, notably AAS 25 ‘Financial Reporting of Superannuation Plans’.
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 superannuation entities are required to adopt net market value (or net fair value) measurement irrespective of their deemed reporting entity status.
Net market value has the same meaning as defined in Australian accounting standard 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 whole Australian dollars (AUD), rounded to the nearest dollar, 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 forms and instruction guides to the forms.
| Item | Definition |
|---|---|
| Associates | Associate is defined consistent with the definition provided by the current Australian accounting standard ‘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’.It 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 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. |
| Goodwill | The current Australian accounting standards regarding ‘Accounting for Goodwill’ provide 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. |
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 whole Australian dollars (AUD), rounded to the nearest dollar, 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:
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 small APRA fund or a single member approved deposit fund to give APRA, on an annual basis, certain information in relation to the nature of transactions with certain parties (e.g. individual trustees/directors, parent entity of the trustee entity).
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 either:
(a) a small APRA fund; or
(b) 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 330.0, 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 330.0 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 330.0 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 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.
(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
17.18.In this reporting standard:
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;
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 small APRA fund or a single member approved deposit fund to give APRA, on an annual basis, certain information in relation to the nature of transactions with certain parties (e.g. individual trustees/directors, parent entity of the trustee entity).
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 either:
(a) a small APRA fund; or
(b) 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 330.0, 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 330.0 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 330.0 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 th
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