Keyword Listing - APRA (Australian Prudential Regulation Authority)
Super funds regulated by the Australian Prudential Regulation Authority (APRA) are typically large funds with hundreds or thousands of members. These funds have important reporting and administrative obligations to the ATO and their members.
Summarises the major reporting and administrative obligations of APRA-regulated super funds, including reporting requirements, due dates, lodgment and payment methods and quality assurance.
APRA-regulated funds must use this template to send us their details for the fund details register.
Most super fund reporting can be done electronically through our electronic commerce interface (ECI). Funds can use paper forms if reporting for 100 members or less. Some reports can be prepared using our SuperReport software.
Super funds may incur penalties for providing us with statements that are materially false or misleading, failing to lodge required statements with us by the due date, or failing to pay unclaimed super money by the due date.
Efficient, effective administration and reporting processes can be achieved by applying better practices in key areas such as risk identification, quality assurance programs, and procedures for processing and reporting transactions.
Super funds have reporting and administrative obligations for lost members, member contributions, unclaimed super, departing Australia superannuation payments, payment variation advice, income tax returns, first home saver account transfers, no-TFN contributions, portability and rollover benefits.
Super funds report twice each year on lost members and unclaimed super monies, and annually for member contributions statements and income tax returns.