Document ID: chunk:federal_register_of_legislation:F2015L00825:body:0:p5
Version: federal_register_of_legislation:F2015L00825
Segment Type: other
Provision Reference: 
Character Range: 11742–14867

rollover fund (ERF).

Reporting basis and unit of measurement

Report all items on SRF 710.0 in accordance with the Australian Accounting Standards unless otherwise specified.

Items on SRF 710.0 must be reported in respect of transactions that occurred during the reporting period.

Items on SRF 710.0 are to be reported as thousands of dollars and whole numbers.

These instructions specify the unit of measurement that applies to each item.

Specific instructions

Terms highlighted in bold italics indicate that the definition is provided in these instructions. Additional definitions are provided at the end of these instructions.

Lump sum benefit payments by condition of release

Item 1 collects information on lump sum benefit payments from the RSE.

Reporting basis: report item 1 column 2 and item 1 column 3 in respect of transactions that occurred during the reporting period.

Unit of measurement: report item 1 column 2 as a whole number; report item 1 column 3 as thousands of dollars.

Item 1                               Report lump sum benefit payments by condition of release type in item 1. For the condition of release reported in column 1, report the number of member accounts from which a lump sum benefit payment was made in column 2 and the value of lump sum benefits paid in column 3.

                                     The conditions of release types are: retirement, death, terminal medical condition, permanent incapacity, termination, severe financial hardship, attaining age 65, compassionate grounds, temporary incapacity, attaining preservation age, excess contributions tax (ECT) release, unclaimed money and lost members, lost member who is found, termination with less than $200 or other condition of release.

                                     Where a condition of release is not known but has been previously met resulting in members' benefits being classified as unrestricted non-preserved benefits, report lump sum benefit payments made as 'release of unrestricted non-preserved benefits' in item 1.1. Report the number of member accounts from which a lump sum benefit payment was made in column 1 and the value of lump sum benefits paid in column 2.

                                     Where the condition of release is known in respect of a lump sum benefit payment, this amount must be reported in item 1.

Lump sum benefit payment             Represents benefit payments that have been paid as a lump sum under a condition of release, from pooled superannuation trust arrangements or classed as another benefit payment type. Includes: insurance claim benefits or proceeds first credited to members' accounts and subsequently disbursed along with members' benefits to the member or beneficiary. Reference: SIS Regulations, Schedule 1.

Member account                       A distinct entry recorded in the register of member accounts (or other equivalent mechanism).

Unrestricted non-preserved benefits  Represents unrestricted non-preserved benefits within the meaning given in SIS Regulations, Subdivision 6.1.4.

Pension benefit accounts commenced

Item