APRA has released the following FAQs:

  • FAQ 117: Does APRA intend to change the asset class information required under the 500 series of reporting forms?
    • Abridged Answer:  No, APRA does not have any current intention to change the asset class types and sub-classes, nor the investment vehicle types, within its existing reporting framework.
    • APRA sought feedback from the superannuation industry in  relation to asset class information up until 15 September 2014. The outcomes of this consultation are expected to be communicated to the superannuation industry in March 2015.
  • FAQ 118: How should an RSE licensee split dollar value and percentage value fees, costs and taxes when reporting on Reporting Form SRF 702.0 Investment Performance (SRF 702.0)?
    • Abridged Answer: If some, or all, of the fee, cost or tax is charged as a dollar amount per member, report the dollar amount component of fees, costs and taxes in the relevant ‘dollar amount’ columns. Do not also convert this amount to a ‘percentage value’.
    • If none of the fee, cost or tax is charged as a dollar amount per member, leave the ‘dollar amount’ columns blank.
    • If some, or all of the fee, cost or tax is charged as a percentage of member balance, report the percentage value component of fees, costs and taxes in the relevant ‘percentage value’ columns. Do not also convert this amount to a dollar amount.
    • If none of the fee, cost or tax is charged as a percentage of member balance, leave the ‘percentage value’ columns blank.
  • FAQ 119: What process is involved when an RSE, defined benefit RSE, PST, ERF, SAF or SMADF is winding up, and which forms are required to be submitted as part of the wind-up return?
    • Abridged Answer: SIS Regulation 11.07(6) requires a trustee to  notify APRA (notice) of a decision to wind-up a superannuation fund.  Notice must be given as soon as practicable after making the decision and before the winding-up has commenced, as required under SIS Regulation 11.07(7).
    • APRA allocates the wind-up return upon receiving Notice and generates the return once the wind-up has occurred. To assist with this process, APRA requests that, as part of the Notice, the trustee notifies APRA of the expected wind-up date. APRA requests that further notification be provided if any changes to the expected wind-up date occur.
    • A trustee to whom Reporting Standard SRS 602.0 Wind-up (SRS 602.0) applies must submit Superannuation Reporting Form SRF 602.0 Wind-up in respect of the year of income of the fund within three months of the date that the entity has been wound up.
  • FAQ 120: Where an RSE licensee changes the information disclosed in a MySuper product dashboard, is the RSE licensee required to submit a new, ad-hoc Superannuation Reporting Form SRF 700.0 Product Dashboard (SRF 700.0) return to APRA, or is the RSE licensee required to resubmit an existing version of SRF 700.0?
    • Abridged Answer: Where information required under Reporting Standard SRS 700.0 Product Dashboard is changed such that a product dashboard is required by law to be updated, a trustee is required to submit a new, ad-hoc SRF 700.0 return to APRA within 28 calendar days after the update to the product dashboard takes effect.
    • Please notify APRA as soon as practicable of any changes to a MySuper product dashboard via super.statistic@apra.gov.au to allow for the timely allocation of the ad-hoc return.
  • FAQ 121: Where an RSE licensee changes the fees and costs disclosed  in a Product Disclosure Statement (PDS) relating to a MySuper product, is the RSE licensee required to submit a new, ad-hoc Superannuation Reporting Form SRF 703.0 Fees Disclosed (SRF 703.0) return to APRA, or is the RSE licensee required to resubmit an existing version of SRF 703.0?
    • Abridged Answer: Where information required under Reporting Standard SRS 703.0 Fees Disclosed is changed such that a PDS relating to a MySuper product is required by law to be updated,  a trustee is required to submit a new, ad-hoc SRF 703.0 return to APRA within 28 calendar days after the update to the PDS takes effect.
    • Please notify APRA as soon as practicable of any changes to the fees and costs disclosed in a PDS relating to a MySuper product via super. statistic@apra.gov.au to allow for the timely allocation of the ad-hoc return.
  • FAQ 122: What is the difference between fees, costs and expenses within the APRA reporting forms?
    •  Abridged Answer:​ Fee: means an amount that is directly charged to a member (regardless of who pays the fee) and will form part of the fee disclosure required in PDS’. Reporting Standard SRS 540.0 Fees collects information on fees as do Reporting Forms SRF 700.0, SRF 702.0 and SRF 703.0.
    • Cost: means an indirect or embedded amount that the trustee draws from members that may or may not be disclosed and can take the form of a deduction from a member’s return, contributions or balance. SRF 700.0, SRF 702.0 and SRF 703.0 collect information on fees and costs including costs which form part of the indirect cost ratio.
    • Expense: means the amount that the RSE licensee incurs in operating the fund. SRF 331.0 Services collects information on expenses as does SRF 330.0, SRF 330.1 and SRF 330.2 (all) Statement of Financial Performance.
  • FAQ 123: How should RSE licensees determine which investments to report to APRA on Reporting Form SRF 532.0 Investment Exposure Concentrations (SRF 532.0)?
    • Abridged Answer: The specific instructions to SRF 532.0 state that a trustee must report large exposures only on SRF 532.0. A large exposure means an investment that represents at least 1% of the assets of the fund.
    • APRA acknowledges that in many cases, the value of fund’s assets is not calculated and reconciled until the mid-point between the reporting period end and the reporting due date, given that the fund’s assets comprise total investments plus accounting assets. This means that in certain cases, trustees are not able to determine large exposure thresholds until late in the reporting due period, creating challenges for the timely submission of information under SRF 532.0.
    • APRA, in considering this, and the purpose of the information collected on SRF 532.0, will accept a trustee’s determination of  the RSE level large exposure threshold based on ‘total investments’ rather than ‘total assets’ of the RSE.
    • APRA will consider revising Reporting Standard SRS 532.0 in this respect. In the meantime, APRA will adjust the D2A validation rules to reflect this flexible approach.

APRA has updated:

  • FAQ 97: How should an RSE licensee incorporate derivative exposures when reporting directly held and indirectly held investments on Reporting Form SRF 533.0 Asset Allocation (SRF 533.0)?