Part General directions and notes - Financial Sector (Collection of Data) (reporting standard) determination No. 41 of 2023 - General directions and notes | Zoe
Financial Sector (Collection of Data) (reporting standard) determination No. 41 of 2023
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This instruction guide is designed to assist in the completion of Reporting Form SRF 332.0 Expenses (SRF 332.0).
General directions and notes
Reporting level
SRF 332.0 must be completed by the RSE licensee for each RSE, defined benefit RSE, PST and ERF.
Reporting tables
Tables described in this reporting form list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.
The Unique identifier column indicates which field or fields form the primary key of the table. Where a field has ‘Y’ in the Unique identifier column, this denotes that this field forms part of the primary key for the table. A blank cell in the Unique identifier column means that the field does not form part of the primary key for the table. Any specific combination of values in the fields that form the primary key of a table must not appear on more than one row in that table when reported.
Reporting basis and unit of measurement
RSE licensees must report all items on SRF 332.0 in accordance with the Australian Accounting Standards unless otherwise specified.
The total service arrangement cost amounts and total service arrangement investment cost amounts reported in SRF 332.0 should reflect the total expenses in the RSE, defined benefit RSE, PST or ERF’s financial statements. Amounts in SRF 332.0 should and are to be reported on an accrual’s basis.
Amounts in SRF 332.0 are to be reported on an APRA look-through basis.[5] The look-through chain will end with the expenses from the last connected entity to the first entity that is not a connected entity.
Amounts in SRF 332.0 are to be reported as percentages or whole numbers. Percentages are to be reported as an unconverted number to two decimal places. For example, 12.34 per cent is to be reported as 0.1234.
Items on SRF 332.0 must be reported as at the end of the reporting period or with respect to transactions that occurred during the reporting period. Unless otherwise specified, report information with respect to transactions that occurred during the reporting period.
These instructions specify the reporting basis and unit of measurement that applies to each item.
Definitions
Terms highlighted in bold italics indicate that the definition is provided in Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections (SRS 101.0).
Specific instructions
Table 1: Payees and service providers
Report all service provider and other payee expenses paid over the reporting period in Table 1 on a look-through basis.
Where a payment is made by the entity or on behalf of the entity to an industrial body, report the details of the industrial body as the service provider for that expense in Table 1, and report the service provider type as ‘Industrial Body’.
For all other expenses, if there is no connected entity, report the receiving entity. If expenses are with a connected entity, look through to identify if the provision of that service is by a further connected entity (the look-through chain) and report the last connected entity in the look-through chain[6],
RSE licensees do not need to report individual payees and may report one service provider identifier with the Service Provider Name Text as ‘multiple payees’ where the following conditions are met:
Service Provider Type is ‘Other Payee’;
Service Provider Relationship Type is ‘None’;
Responsible Person Service Provider Relationship Indicator is ‘No’; and
There are no expenses with the payee which are classified as:
Expense type is Political Donation; or
Expense group type is Marketing expenses (excluding expense type Sponsorship) of more than $5,000
For accounting adjustments, where the payee of the associated expense can be identified, report the payee, otherwise report the RSE licensee as the payee.
Column
Field name
Unique identifier
Applicable to
Valid values
Description
1
Service Provider Identifier
Y
All filers
No more than 20 alpha-numeric characters (with no special characters)
Report the service provider identifier.
2
Service Provider Name Text
All filers
Free text
Report the name of the service provider, or for accounting expenses report the name of the accounting expense.
Report the service provider type for the counterparty to the payment.
5
Service Provider Relationship Type
All filers
NoneParentIndirect ParentSubsidiaryIndirect SubsidiaryRSELGroup CompanyOther Related Party
Report the service provider relationship type. The service provider relationship type must reflect any relevant duty or a relevant interest in accordance with Prudential Standard SPS 521 Conflicts of Interest other than where responsible persons have a relationship with the service provider, regardless of whether the service provider or payee is a related party
6
Service Provider Shareholding Relationship Percent
All filers
Percentage to 2 decimal places
Report the service provider shareholding relationship level (relative to the RSE licensee) as a percentage. Include any indirect shareholding.
7
Service Provider Shareholding Relationship Detail Text
All filers
Free text
Report further detail on the service provider shareholding relationship.
8
Responsible Person Service Provider Relationship Indicator
All filers
YesNo
Report whether any responsible persons of the RSE licensee have a relationship with the service provider which results in a relevant duty or a relevant interest in accordance with Prudential Standard SPS 521 Conflicts of Interest.
9
Responsible Person Service Provider Relationship Text
All filers
Free text
If responsible persons have a relationship with the service provider which results in a relevant duty or a relevant interest in accordance with Prudential Standard SPS 521 Conflicts of Interest, report details of the relationship with the service provider.
10
Service Provider Relationship Other Text
All filers
Free text
Report other relationships.
11
Service Arrangement Outsourced Indicator
All filers
InsourcedOutsourcedNot Applicable
Report whether the service arrangement is insourced or outsourced.
Table 2: Administration and other expenses reporting
Report all administration and other (non-investment management) expenses for the reporting period in Table 2 on a look-through basis. Where a payment is made by the entity or on behalf of the entity to an industrial body, report the details of the industrial body as the service provider for all expenses in Table 1, and report the service provider type as industrial body.
For all other expenses, if there is no connected entity, report the total expenses with the receiving entity. If expenses are with a connected entity, report the total cost amount from the last connected entity in the look-through chain to the first entity that is not a connected entity. For each entity in the look-through chain, report any expense not on paid to a further connected entity. Classify the amount for each relevant expense group type, expense type and service arrangement engagement type for which the entity provides a service to the RSE[7].
For accounting adjustments, where the associated purpose can be identified, report the purpose and the engagement type of accounting adjustment, otherwise report the purpose as accounting adjustment. For example, report depreciation against expense type capital expenditure with the service arrangement engagement type as accounting adjustment. Where the payee of the associated expense can be identified, report the payee, otherwise report the RSE licensee as the payee.
Where travel, training, entertainment or conference expenses are incurred by the RSE licensee specifically in relation to another expense type such as call centre services or account administration, report the expense against the relevant expense type with service arrangement engagement type of travel entertainment and conferences.
Where travel, training, entertainment or conference expenses are incurred by the RSE licensee in relation to central functions, report the expense against the travel, training, entertainment or conference fund operations and corporate overheads expense type with service arrangement engagement type of travel entertainment and conferences.
Where capital expenditure expenses are incurred by the RSE licensee specifically in relation to another expense type such as call centre services or account administration, report the expense against the relevant expense type. Where capital expenditure expenses are incurred by the RSE licensee in relation to central functions, report the expense against the capital expenditure expense type.
Where IT services expenses are incurred by the RSE licensee specifically in relation to another expense type such as call centre services or member account administration, report the expense against the relevant expense type. Where IT services expenses are incurred by the RSE licensee in relation to central functions, report the expense against the IT services expense type.
Column
Field name
Unique identifier
Applicable to
Valid values
Description
1
Service Provider Identifier
Y
All filers
No more than 20 alpha-numeric characters (with no special characters)
Report the service provider identifier.
2
Superannuation Fund Or Licensee Type
Y
All filers
RSEDB RSEPSTERF
Report the RSE, DB RSE, PST or ERF indicator.
3
Expense Group Type
Y
All filers
Administration ServicesAdviceMember ServicesMarketingTrustee BoardFund Operations And Corporate OverheadsOther
Report the expense group.Where the expense is paid to the RSE licensee or a connected entity, and the expense is for the purpose of multiple expense group types, the expense must be apportioned across the expense groups to which it relates.
4
Expense Type
Y
All filers
See Lists at the end of these Instructions
Report the expense type.Where the expense is paid to the RSE licensee or a connected entity, and the expense is for the purpose of multiple expense types, the expense must be apportioned across each the expense type to which it relates.
5
Service Arrangement Inclusions Exclusions Text
Y
All filers
Free text
Report the detail of how the service arrangement differs with particular inclusions or exclusions. For example, if the general administration service provider excludes the call centre function, highlight this here and include a separate row for the call centre function service provider under ‘member services’ service type category.If there are no inclusions or exclusions applicable to the expense, report ‘Not applicable’.
6
Service Arrangement Engagement Type
All filers
Other PaymentsOngoing Payment To Service ProviderConsultant FeesStaff WagesAccounting AdjustmentsTravel Entertainment And ConferencesDirector RemunerationExecutive RemunerationDonation To Political Party
Report the engagement type.
7
Proportion Of Assets Service Provided Percent
All filers
Percentage to 2 decimal places
Report the proportion of assets to which service is provided.
8
Proportion Of Members Service Provided Percent
All filers
Percentage to 2 decimal places
Report the proportion of members to which service is provided.
9
Service Arrangement Registrable Superannuation Entity Or Member Cohort Different Cover Text
All filers
Free text
If the proportion of members to which service is provided is not 100%, report the description of the member cohort covered and / or not covered under this service arrangement.
10
Payment SPS 515 Materiality Indicator
All filers
YesNo
Report whether this expense is material for the purposes of SPS 515 materiality.
11
Service Arrangement Cost Amount
All filers
Whole dollars
Report the total cost of the service arrangement.
12
Related Party Indicator
All filers
YesNo
Report whether the expense is classified as an expense with a related party.
Table 3: Investment management expenses
Report all investment related expenses for the reporting period in Table 3 on a look-through basis. If there is no connected entity, report the total cost amount with the receiving entity. If expenses are with a connected entity, report the total cost amount from the last connected entity in the look-through chain to the first entity that is not a connected entity. For each entity in the look-through chain, report any expense not on paid to a further connected entity. Classify the amount for each relevant expense service type and asset class sector type for which the entity provides a service to the RSE[8].
Column
Field name
Unique identifier
Applicable to
Valid values
Description
1
Service Provider Identifier
Y
All filers
No more than 20 alpha-numeric characters (with no special characters)
Australian DomicileInternational DomicileNot SpecifiedNot Applicable
Report the domicile type of the investment.
7
Asset Class Description Text
Y
All filers
Free text
Report the asset class further description.
8
Service Arrangement Inclusions Exclusions Text
Y
All filers
Free text
Report the detail of how the service arrangement differs with particular inclusions or exclusions. For example if the general administration service provider excludes the call centre function, highlight this here and include a separate row for the call centre function service provider under ‘member services’ service type category.If there are no inclusions or exclusions applicable to the expense, report 'Not applicable'.
9
Service Arrangement Engagement Type
All filers
Other PaymentsOngoing Payment To Service ProviderConsultant FeesStaff Wages
Report the engagement type.
10
Investment Market Value Amount
All filers
Whole dollars
Report the market value of investments.
11
Proportion Of Assets Service Provided Percent
All filers
Percentage to 2 decimal places
Report the proportion of assets to which service is provided.
12
Proportion Of Members Service Provided Percent
All filers
Percentage to 2 decimal places
Report the proportion of members to which service is provided.
13
Service Arrangement Registrable Superannuation Entity Or Member Cohort Different Cover Text
All filers
Free text
If the proportion of members to which service is provided is not 100%, report the description of the member cohort covered and / or not covered under this service arrangement.
14
Payment SPS 515 Materiality Indicator
All filers
YesNo
Report whether this expense is material for the purposes of SPS 515 materiality.
15
Service Arrangement Investment Management Cost Amount
All filers
Whole dollars
Report the total cost of the service arrangement.
16
Related Party Indicator
All filers
YesNo
Report whether the expense is classified as an expense with a related party.
Table 4: Related Party reporting
Report all profit attributable to RSE expenses for the reporting period in Table 4 for each related connected entity (excluding where an entity is a related connected entity only due to a standard employer sponsor relationship and the relationship with that entity does not result in a relevant duty or a relevant interest in accordance with Prudential Standard SPS 521 Conflicts of Interest) on a look-through basis[9] where the related connected entity's dividend payments or retained earnings are attributable to RSE expense amounts.
Column
Field name
Unique identifier
Applicable to
Valid values
Description
1
Service Provider Identifier
Y
All filers
No more than 20 alpha-numeric characters (with no special characters)
Report the service provider identifier.
2
Expense Category Type
All filers
Administration And Other ExpensesInvestment Management Expenses
Report the Expense Category Type.
3
Profit Attributable To RSE Expense Amounts
All filers
Whole dollars
Report the profit attributable to RSE expense amounts.
Lists
Expense type
The expense type options when Administration Services is selected as the expense group option are:Complaints And Feedback HandlingMember CommunicationInsurance AdministrationMember Account AdministrationOtherThe expense type options when Advice is selected as the expense group option are:Intra Fund AdviceFinancial PlannersFinancial Planning Payments To ExternalsThe expense type options when Member Services is selected as the expense group option are:Call Centre ServicesDevelopment And Maintenance Of Website And Other Digital ToolsResearch And Data AnalyticsMember EducationMember Wrap PlatformOtherThe expense type options when Marketing is selected as the expense group option are:Advertising Or MarketingConsumer TestingMember CampaignsResearch And Data AnalyticsSponsorshipOtherThe expense type options when Trustee Board is selected as the expense group option are:Board And Board CommitteesTrainingOtherThe expense type options when Fund Operations and Corporate Overheads is selected as the expense group option are:Accounting And FinanceActuarial ServicesAccounting AdjustmentsCapital ExpenditureConferencesResearch And Data AnalyticsEntertainmentExternal AuditInternal AuditIT ServicesHuman ResourcesLegalMembershipsMerger InvestigationMerger ImplementationMotor VehiclesPolitical DonationsPremisesProfessional IndemnityRegulatory LeviesRisk And ComplianceStrategy And PlanningTrainingTravelOtherThe expense type option when Other is selected as the expense group option is:Other