Superannuation trustees are legally obliged to submit statements to us about:
- member contribution information
- benefit payment information
- member account status (such as lost, uncontactable or inactive, found and unclaimed super of members, including former temporary residents and small or insoluble lost members accounts).
Trustees also have a duty of care to members. Funds need to have procedures in place that ensure members' contributions are properly recorded, entitlements are protected and benefits are paid correctly.
Superannuation providers with efficient and effective administration and reporting processes use the following practices to ensure that their super returns and reports are accurate and complete:
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.
- identify risks that jeopardise the accuracy and completeness of their administration and reporting processes, and develop a framework for managing risk
- establish an internal quality assurance program, including a formally documented business structure, procedural framework and training for administrative and reporting processes
- obtain and document advice from internal and external specialists to maintain policies and procedures that are current and reliable
- process and report super transactions accurately, completely and on time, using (for example) checklists and data reconciliations
- manage changes in their business and operational environment that can affect their administration and reporting, such as legislative change and staff turnover
- monitor and review their practices and environment as a catalyst for continued improvement of administration and reporting activities.