APRA Releases New Package of Reporting Standards

On 28 April 2015, APRA released 31 reporting standards for the Australian superannuation industry. Of these, 26 are final reporting standards and five reporting standards are being released for consultation. Final standards will commence on either 30 June 2015 or 1 July 2015.

Further material changes are anticipated to the 5 standards released for industry feedback.  Specifically, these standards are focused on changes to reporting of investment data, and information required to be included in Product Disclosure Statements for My Super products.  APRA has also agreed to defer the reporting of investment performance data until legislative requirements relating to the “choice”product dashboard have been fianlised.

Transitional relief for lodgment of quarterly returns has been extended for a further two years, allowing quarterly returns to be lodged within 35 (rather than 28) calendar days of the end of a reporting period until mid 2017.

A link to the discussion on the reporting standards may be found  here:

APRA Reporting Standards

 

 

 

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