On Jan. 7, AST GVT issued rules re superannuation data collection.
AST GVT issued two new reporting standards requiring enhanced data collection from superannuation entities, namely Financial sector (collection of data) (reporting standard) determination no. 1 and no. 2 of 2025 with new reporting requirements.
Aims to enhance transparency, address critical data gaps in superannuation reporting.
Background
Determination no. 1 revokes and replaces Reporting standard SRS 332.0 expenses with the new SRS 332.0 expenses and investment and transaction fees and costs.
No. 2 provides new Reporting standard SRS 340.0 RSE licensee financial statements.
Overview of Requirements
SRS 332.0 expands expense reporting requirements to capture total investment and transaction fees and costs data; in addition, SRS 340.0 requires registrable superannuation entity (RSE), licensees to provide certain specified information.
Namely, information concerning licensees' audited financial statements and reports.
Both include specific data items, definitions, measurement instructions, and quality control requirements; data to be reviewed, tested by RSE auditors before submission.
Data to be subject to internal review, authorization; systems, controls to be reviewed by RSE auditors; AST APRA may vary reporting periods or due dates per circumstance.
Effectiveness
Both instruments commence on Jan. 8, 2025.
Regulators
AST GVT
Entity Types
Auditor; IA; Inv Co; Pension
Reference
RF F2025L00009, F2025L00010, Info 1/7/2025; SRS 332.0; SRS 340.0;
