In a letter to registrable superannuation entities (RSEs) on Friday, APRA confirmed changes to the due date for quarterly superannuation data collections for a transitional period; the deferral and further consultation on “select” investment option reporting; and superannuation data collection for the purposes of the Australian Bureau of Statistics (ABS).
“Since the release of the final requirements, APRA has received further feedback from industry and other stakeholders on a range of implementation issues related to the new reporting requirements,” said the letter.
As it stands, quarterly data submissions are due “no later” than 28 days after the end of the reporting period to which the data relates.
The letter acknowledged that a number of RSE licensees are currently struggling to provide the data on time to “an appropriate quality standard”.
“The reasons for these difficulties relate primarily to “teething issues” as RSE licensees implement new processes and systems and work with third party data providers to obtain the necessary data within the necessary timeframes,” said the letter.
“APRA will therefore temporarily extend the due date for all quarterly forms, currently required within 28 calendar days, to 35 calendar days by varying the due dates for all quarterly reporting forms,” said the regulator.
The extension of the reporting due date will apply for the current reporting period (ending 31 March) and continue until the period ending 30 June 2015, at which point it will revert to 28 calendar days after the final day, said the letter.
The reporting requirements around select investment options, which have already been delayed to 1 July 2014 “at the earliest”, will be further delayed until 1 July 2015, said APRA.
The letter also pointed to recent a recent ABS announcement that it will not require superannuation data collection for reporting periods commencing on or after 1 July 2015.
“The revised implementation timeframe will allow RSE licensees further time to make any changes required to enable their reporting of the additional data,” said APRA.
