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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
This legislation establishes Reporting Standard SRS 101.0: a detailed dictionary of technical terms and identifier rules that RSE licensees (superannuation trustees) must use when reporting data to APRA. By standardising definitions for fees, member attributes, investment types and identifiers, it ensures consistent data across funds, improving APRA’s ability to monitor system health, compare performance and identify risks.
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Direct links to the current provisions in Financial Sector (Collection of Data) (reporting standard) determination No. 13 of 2021.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Financial Sector (Collection of Data) (reporting standard) determination No. 13 of 2021
Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections
Financial Sector (Collection of Data) Act 2001
I, Alison Bliss, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) DETERMINE Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections, in the form set out in the Schedule, which applies to the financial sector entities to the extent provided in paragraph 2 of the reporting standard.
Under section 15 of the Act, I DECLARE that the reporting standard shall begin to apply to those financial sector entities on and after the day it is registered on the Federal Register of Legislation.
This instrument commences upon registration on the Federal Register of Legislation.
Dated: 15 September 2021
[Signed]
Alison Bliss
General Manager
Data Analytics and Insights Division
Interpretation
In this Determination:
APRA means the Australian Prudential Regulation Authority.
financial sector entity has the meaning given by section 5 of the Act.
Schedule
Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections comprises the document commencing on the following page.
Reporting Standard SRS 101.0
Definitions for Superannuation Data Collections
Objective of this Reporting Standard
This Reporting Standard defines key terms referred to in the Reporting Standards specified in paragraph 2 that are applicable to registrable superannuation entity licensees (RSE licensees). All Reporting Standards specified in paragraph 2 must be read in conjunction with this Reporting Standard.
Authority
Application and commencement
This Reporting Standard applies in relation to all entities which submit data to APRA under the following reporting standards:
Reporting Standard SRS 605.0 RSE Structure Reporting Standard SRS 606.0 RSE Profile Reporting Standard SRS 611.0 Member Accounts Reporting Standard SRS 705.0 Components of Net Return Reporting Standard SRS 705.1 Investment Performance and Objectives Reporting Standard SRS 706.0 Fees and Costs Reporting Standard SRS 251.0 Insurance Reporting Standard SRS 332.0 Expenses Reporting Standard SRS 550.0 Asset Allocation
Unless the contrary intention appears, definitions in this Reporting Standard apply to all the reporting standards listed in paragraph 2.
This Reporting Standard applies to reporting periods ending on or after 30 June 2021.
General
Interpretation
Overview
Definitions
Numeric
| 2017 (RG 97 version) | Means superseded ASIC Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements (RG 97), dated March 2017. |
|---|---|
| 2020 (RG 97 version) | Means ASIC Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements (RG 97), dated July 2020. |
A
| ABN (Australian Business Number) | Has the meaning as in section 41 of the A New Tax System (Australian Business Number) Act 1999. |
|---|---|
| Access type | Means the available access channels to the superannuation product.The access types are:Individual No Advisor Required;Individual Advisor Only;Standardised Employer;Tailored Employer; andCombined Access Type. |
| Accountant (expense type) | Means the expense incurred for the provision of accounting services to the reporting entity. |
| Accumulation (product phase) | Means the same as ‘growth phase’ as in regulation 1.03 AB of the SIS Regulations. |
| Activities Of Daily Life (ADL) (TPD assessment criteria) | Means a type of TPD assessment criteria that requires claimants to show that they are unable to perform activities of daily life (ADL), such as the ability to feed oneself, walking, dressing or bathing. |
| Activity fee | Means a fee charged to a member that relates to an activity of an RSE licensee that is engaged in at the request, or with the consent, or a member or that relates to a member and is required by law. Reference: Section 29V(7) of the Superannuation Industry (Supervision) Act 1993 (SIS Act). |
| Activity fee type | Means the type of activity fees that can be reported, the activity fee types are:Advice Fee;Brokerage Fee;Buy Sell Spread;Contribution Fee;Contribution Splitting Fee;Dishonoured Payment Fee;Establishment Fee;Family Law;Financial Advice;Financial Hardship Application;Insurance Fee;Lost Member Search Fee;No TFN Tax Recovery Fee;Non Intrafund Advice Fee;Switching Fee;Withdrawal Fee;Other; andNot Applicable. |
| Actuarial Fees (expense type) | Means the expense incurred for the provision of actuarial services. |
| Administration (component activity) / (fees and costs component activity) | Means activities that give rise to ‘administration fees’ as in section 29V(2) of the SIS Act.Excludes Investment and Transaction activities. |
| Administration Services (expense group) | Means the expense incurred for the provision of any administration services. |
| Admitted | Means claims where the insurer has made a final decision to admit the claim. |
| Admitted (claim assessment) | Means that the insurer has determined the claim to be admitted. |
| Advertising Or Marketing (expense type) | Means the expense incurred for the provision of advertising and marketing. |
| Advice (component activity) / (fees and costs component activity) | Means activities that relate to the provision of financial product advice to a membe |
This is an opening excerpt, not the complete document.