Financial Sector (Collection of Data) (reporting standard) determination No. 1 of 2025

Reporting Standard SRS 332.0 Expenses and Investment and Transaction Fees and Costs

Financial Sector (Collection of Data) Act 2001

I, Andrew Robertson, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:

1.           revoke Financial Sector (Collection of Data) (reporting standard) determination No. 41 of 2023, including Reporting Standard SRS 332.0 Expenses made under that determination; and

1.           determine Reporting Standard SRS 332.0 Expenses and Investment and Transaction Fees and Costs, in the form set out in the Schedule, which applies to financial sector entities to the extent provided in paragraph 3 of that reporting standard.

Under section 15 of the Act, I declare that Reporting Standard SRS 332.0 Expenses and Investment and Transaction Fees and Costs shall begin to apply to those financial sector entities, and that the revoked reporting standard shall cease to apply, at the start of the day after the day this instrument is registered on the Federal Register of Legislation.

This instrument commences at the start of the day after the day it is registered on the Federal Register of Legislation.

Dated: 06 January 2025

Andrew Robertson

Chief Data Officer

Technology and Data Division

Interpretation

In this instrument:

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislation means the register established and maintained under section 15A of the Legislation Act 2003.

financial sector entity means financial sector entities of a kind referred to in paragraphs 5(2)(a) to (d) of the Act.

Schedule

Reporting Standard SRS 332.0 Expenses and Investment and Transaction Fees and Costs comprises the document commencing on the following page.

Reporting Standard SRS 332.0

Expenses and Investment and Transaction Fees and Costs

Authority

1.       This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.

Purpose

1.       Information collected under this Reporting Standard is used by APRA for the purposes of prudential supervision and publication. It may also be used by the Australian Securities and Investments Commission.

Application

1.       This Reporting Standard applies to each registrable superannuation entity (RSE) licensee (RSE licensee) in respect of each RSE, defined benefit RSE and pooled superannuation trust (PST) within its business operations[1].

Commencement

1.       This Reporting Standard commences at the start of the day after the day it is registered on the Federal Register of Legislation.

Reporting periods

1.       The RSE licensee must provide the information required by this Reporting Standard for the reporting periods, by the due dates set out in the table below.

Notices

1.       If, having regard to the particular circumstances of an RSE, defined benefit RSE or PST, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by paragraph 5, APRA may, by notice in writing, change the reporting periods for the particular RSE, defined benefit RSE or PST.
2.       Where APRA has changed the reporting periods under paragraph 6, the RSE licensee must provide the relevant information within the time specified by the notice in writing.
3.       APRA may grant, in writing, an RSE licensee an extension of a due date with respect to one or more RSEs, defined benefit RSEs or PSTs within its business operations, in which case the new due date for the provision of the information will be the due date specified on the notice of extension.

Note: For the avoidance of doubt, APRA’s expectation is that if the due date for a particular reporting period falls on a day other than a usual business day, an RSE licensee will submit the information required no later than the due date.

Form and method of submission

1.       The information required by this Reporting Standard must be given to APRA in electronic format using an electronic method available on APRA’s website or by a method notified by APRA prior to submission.

Quality control

1.   The information provided by an RSE licensee under this Reporting Standard must be the product of systems, procedures and internal controls that have been reviewed and tested by the RSE auditor of the RSE, defined benefit RSE or PST to which the information relates[2]. This will require the RSE auditor to review and test the RSE licensee’s systems, procedures and internal controls designed to enable the RSE licensee to report reliable information to APRA. This review and testing must be done on:
   1.           an annual basis or more frequently if necessary to enable the RSE auditor to form an opinion on the reliability and accuracy of information; and
   2.           at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard SPS 310 Audit and Related Matters (SPS 310).
2.   All information provided by an RSE licensee under this Reporting Standard must be subject to systems, processes and controls developed by the RSE licensee for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the RSE licensee to ensure that an appropriate set of policies, procedures and controls for the authorisation of information submitted to APRA is in place.

Authorisation

1.   When an officer or agent of an RSE licensee provides the information required by this Reporting Standard using an electronic format, the officer or agent must digitally sign the relevant information using a digital certificate acceptable to APRA.
2.   If the information required by this Reporting Standard is provided by an agent who submits the information on the RSE licensee’s behalf, the RSE licensee must:
   1.           obtain from the agent a copy of the completed form with the information provided to APRA; and
   2.           retain the completed copy.
3.   An officer or agent of an RSE licensee who submits the information under this Reporting Standard for, or on behalf of, the RSE licensee must be authorised by either:
   1.           the Chief Executive Officer of the RSE licensee; or
   2.           the Chief Financial Officer of the RSE licensee.

Minor alterations to forms and instructions

1.   APRA may make minor variations to:
   1.           a form that is part of this Reporting Standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or
   1.           the instructions to a form, to clarify their application to the form,

without changing any substantive requirement in the form or instructions.

1.   If APRA makes such a variation, it must notify each RSE licensee that is required to report under this Reporting Standard.

Transition 

1.   A RSE licensee to which this Reporting Standard applies must report under the old reporting standard in respect of a transitional reporting period. For these purposes: 

old reporting standard means the reporting standard revoked in the determination making this Reporting Standard; and 

transitional reporting period means a reporting period under the old reporting standard: 

1.           that ended before 30 June 2025; and
2.           in relation to which the RSE licensee was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.

Interpretation

1.   In this Reporting Standard:

APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998.

Chief Executive Officer means the chief executive officer of the RSE licensee, by whatever name called, and whether or not he or she is a member of the Board of the RSE licensee[3].

Chief Financial Officer means the chief financial officer of the RSE licensee, by whatever name called.

defined benefit RSE has the meaning of defined benefit fund in subsection 10(1) of the SIS Act.

due date means the relevant due date under paragraph 5,7, or, if applicable, paragraph 8 of this Reporting Standard.

financial year means the financial year (within the meaning of the Corporations Act 2001) of the RSE, defined benefit RSE or pooled superannuation trust (PST).

pooled superannuation trust (PST) has the meaning given in subsection 10(1) of the SIS Act.

reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6 of this Reporting Standard.

RSE means a registrable superannuation entity as defined in subsection 10(1) of the SIS Act that is not a defined benefit RSE, pooled superannuation trust, small APRA fund or single member approved deposit fund[4].

RSE auditor means an auditor appointed by the RSE licensee to perform functions under this Reporting Standard.

RSE licensee has the meaning given in subsection 10(1) of the SIS Act.

SIS Act means Superannuation Industry (Supervision) Act 1993.

1.   In this Reporting Standard, unless an instrument is not disallowable or a contrary intention appears, a reference to an Act, Regulation, Prudential Standard, Reporting Standard, Australian Accounting Standard or Auditing Standard is a reference to the instrument as in force or existing from time to time.
2.   Where this Reporting Standard provides for APRA to exercise a power or discretion, this power or discretion is to be exercised in writing.

Reporting Form SRF 332.0

Expenses

Instruction Guide

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 and PST.

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 or PST 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.

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.

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].

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.

Lists

Reporting Form SRF 332.1

Investment and Transaction Fees and Costs

Instruction Guide

This instruction guide is designed to assist in the completion of Reporting Form SRF 332.1 Investment and Transaction Fees and Costs (SRF 332.1).

General directions and notes

Reporting level

SRF 332.1 must be completed by the RSE licensee for each RSE, defined benefit RSE and PST.

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

SRF 332.1 captures all investment and transaction fees and costs that have been charged to members or otherwise affected member balances during the reporting period. It includes all investment and transaction fees and costs that would appear in the Periodic Statement for the superannuation product and fees and costs relating to accessible products available on superannuation platforms. 

Amounts in SRF 332.1 are to be reported as whole dollars.

Items on SRF 332.1 must be reported with respect to transactions that occurred during the reporting period.

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).

Table 1: Investment and transaction fees and costs

Report the total investment and transaction fees and costs, for each investment manager and internally incurred, for the reporting period.

For internally incurred investment and transaction fees and costs, report the total fees and costs for each fee type against the RSE licensee.

For each investment manager, report the Asset Class Sector Type, Investment Listing Type and Investment Domicile Type that most closely aligns to the investment with each fund or asset portfolio managed by that investment manager.

For each contract with an investment manager, select one Asset Class Sector Type that best represents the asset sector, listing type and domicile assigned to the investment manager, e.g. if single sector, select the sector, if multi sector, report multi sector. No look through on asset allocation is required.

The investment and transaction fees and costs should align to fees and costs disclosed to members to meet the Australian Securities and Investments Commission’s Regulatory Guide 97 (‘Disclosing fees and costs in PDSs and periodic statements’) obligations for superannuation products in relation to fees and costs disclosure requirements for periodic statements. For superannuation platform operators, it is expected that RSE licensees should also utilise fees and costs information required to meet reporting obligations under Reporting Standard SRS 705.0 Components of net return (SRS 705.0). For all RSEs, it is expected the total fees and costs reported under SRF 332.1 will broadly reconcile to the weighted average of investment and transaction fees and costs reported under SRS 705.0.

[1] For the purposes of this Reporting Standard, an ‘RSE licensee’s business operations’ includes all activities as an RSE licensee (including the activities of each RSE of which it is the licensee), and all other activities of the RSE licensee to the extent that they are relevant to, or may impact on, its activities as an RSE licensee. For the avoidance of doubt, if the RSE licensee is trustee of more than one RSE or defined benefit RSE, the RSE licensee must separately provide the information required by the form for each RSE or defined benefit RSE within its business operations. An RSE licensee that does not have any RSEs or defined benefit RSEs within its business operations is not required to provide information under this Reporting Standard.

[2] Refer also to Prudential Standard SPS 310 Audit and Related Matters (SPS 310).

[3] Refer to Prudential Standard SPS 510 Governance.

[4] For the purposes of this Reporting Standard, ‘pooled superannuation trust’ has the meaning given in section 10(1) of the SIS Act, ‘small APRA fund’ means a superannuation entity that is a regulated superannuation fund, within the meaning of the SIS Act, which has fewer than five members and ‘single member approved deposit fund’ means a superannuation entity that is an approved deposit fund, within the meaning of the SIS Act, and has only one member

[5] APRA look-through means where the expense is in relation to any money, consideration or other benefit given to an entity (the receiving entity):

• where the receiving entity is the RSE licensee: by the RSE (the paying entity);
• where the receiving entity is a connected entity: by the RSE; RSE licensee or a connected entity (the paying entity); or
• where the receiving entity is not a connected entity: by the RSE or RSE licensee (the paying entity);

APRA expects RSE licensees to obtain information about the following in order to report service provider details in Table 1 and classify relevant cost amounts under the relevant expense group type,  expense type and service arrangement engagement type categories for reporting in Table 2 and Table 3 of SRF 332.0 details of the receiving entity; the relationship between the receiving entity and the RSE licensee; the purpose for which the money consideration or other benefit is given (the purpose of the service provided to the RSE); and the way in which the money, consideration or other benefit is used by the receiving entity, and any entity with which that entity deals, including the extent to which, for the RSE licensee or a connected entity, the receiving entity’s profit is attributable to that money, consideration or other benefit in order to classify relevant amounts under the relevant expense group type,  expense type and service arrangement engagement type categories.

[6] In accordance with subsection 13(4D)(a) and 13(4D)(c) of the Financial Sector (Collection of Data) Act 2001, report details of the receiving entity; and if the receiving entity is not the RSE licensee--the relationship between the receiving entity and the paying entity.

[7] In accordance with subsection 13(4D)(a) and 13(4D)(d) of the Financial Sector (Collection of Data) Act 2001, report details of the receiving entity; and the purpose for which the money, consideration or other benefit is given.

[8] In accordance with subsection 13(4D)(a) and 13(4D)(d) of the Financial Sector (Collection of Data) Act 2001, report details of the receiving entity; and the purpose for which the money, consideration or other benefit is given.

[9] In accordance with subsection 13(4D)(a) and 13(4D)(e) of the Financial Sector (Collection of Data) Act 2001, report details of the receiving entity; and identify the way in which the money, consideration or other benefit is used by the receiving entity, and any entity with which that entity deals, including the extent which the receiving entity’s profit is attributable to that money, consideration or other benefit.