Document ID: chunk:federal_register_of_legislation:F2023L00597:front:0:p6
Version: federal_register_of_legislation:F2023L00597
Segment Type: other
Provision Reference: 
Character Range: 13269–16101

include some fee and cost information provided to the RSE licensee after the end of the quarter. An RSE licensee will comply with the requirement to report the most accurate information available to it by the due date if they report the unit price or crediting rate as at the reporting date. Where the unit price or crediting rate has been required to be revised in accordance with the RSE licensee's unit pricing or crediting rate policies, the RSE licensee must report that revised price or rate.

Where an RSE licensee is reporting in respect of an annual period ending 30 June, the valuation of any accrued amount must be undertaken in accordance with the Australian Accounting Standards. This means that an RSE licensee must report items on SRF 705.0 in respect of an annual period ending 30 June based on 'hard close' valuations, not 'soft close' valuations.

Items in SRF 705.0 must be reported as at the end of the reporting period, or with respect to transactions that occurred during the reporting period as specified.

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).

All references to Schedule 10 of the Corporations Regulations 2001 in these instructions are references to that Schedule as modified by the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070 as in force or existing from time to time.

Specific instructions

Sign of numbers in reporting
Fees, costs and taxes would typically reduce a member's balance. However, for the purpose of SRF 705.0 they should be reported as a positive number. If a fee, cost or tax is rebated and therefore works to increase a member's balance, this should be reported as a negative number.

For example, when reporting an administration fee of $120.00 for the year ending 30 June, if the RSE licensee subsequently received a tax rebate in relation to the administration fee, and the rebate was passed back to members, this should be reported as tax of -$18.00 (for example).

No adjustment in sign is needed in reporting investment returns.

Attribution of data to superannuation product, investment menu or investment option
SRF 705.0 must be completed in respect of each superannuation product, investment menu and investment option (RSE structure level) offered by the RSE during the reporting period excluding the following:

       * investment options which are permitted to be aggregated in Table 3 of Reporting Form SRF 605.0 RSE Structure (SRF 605.0);
       * investment options which solely underlie defined benefits;
       * investment options which are reported on SRF 605.0 under investment option category Annuity;
       * products which are reported on SRF 605.0 under the Superannuation Product