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  • Large super fund industry report released

    We have released our annual large superannuation fund industry report, a summary of outcomes from the 2015–16 risk differentiation framework (RDF) and tailored diagnostic reports delivered to large APRA funds and some key external administrators.

    The tailored diagnostic reports which we issued in late March provided funds a snapshot of how well they met their super reporting obligations to the ATO. The results were based on the data they lodged and timeliness of their reporting, which were measured against specific benchmarks.

    Funds responded positively to the report by noting the value of the tailored diagnostic reports in their governance processes and indicated their willingness to continue to improve their performance to meet reporting obligations.

    In April and May, we met with key super fund clients to discuss their results and readiness to implement ongoing reforms including SuperStream, Single Touch Payroll and superannuation legislation changes.

    The Industry report notes that in this third year of the RDF, results show that fund reporting obligations are being met to a high standard, even in an environment of change.

    See also:

    Reminder – RDF webinar recording available

    We held a large fund diagnostic report webinar on 5 April to help trustees, administrators and reporting managers interpret the results of their tailored diagnostic reports.

    The webinar – hosted by ATO Assistant Commissioner Graham Whyte – provided participants with the overall industry results of our recent risk-differentiation framework (RDF) process.

    Topics discussed included:

    • enhancements to this year’s reports
    • our new initiative of providing a tailored report to some of the largest external administrators
    • our view of fund member reporting results
    • our approach to engagement and compliance
    • priority areas for reporting improvement.

    Participant survey respondents said they felt 'confident' or 'very confident' about their understanding of the RDF after attending the webinar.

    Next steps:

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      Last modified: 28 Jun 2017QC 52714