Financial Sector (Collection of Data) (reporting standard) determination No. 29 of 2009
Reporting standard FRS 100.0 Reporting Requirements for First Home Saver Accounts Providers
Financial Sector (Collection of Data) Act 2001
I, Charles Watts Littrell, a delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:
·        REVOKE Reporting Standard FRS 100.0 Reporting Requirements for First Home Saver Accounts Providers made by Financial Sector (Collection of Data) (reporting standard) determination No. 1 of 2009 (the old standard); and
 
·        DETERMINE Reporting Standard FRS 100.0 Reporting Requirements for First Home Saver Accounts Providers in the form set out in the Schedule (the new standard), which applies to the financial sector entities to the extent provided in paragraph 2 of the reporting standard.
 
Under section 15 of the Act, I DECLARE that the new standard shall begin to apply, and the old standard shall cease to apply, on the later of 31 December 2009 and the date of registration of this instrument on the Federal Register of Legislative Instruments.
 
 
 
Dated    23 November 2009
 
[Signed]
 
Charles Littrell
Executive General Manager
Policy, Research and Statistics
 
Interpretation
In this Determination
APRA means the Australian Prudential Regulation Authority.
Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.
 
Schedule    
Reporting Standard FRS 100.0 Reporting Requirements for First Home Saver Accounts Providers comprises 12 pages commencing on the following page.
 
 

Reporting Standard FRS 100.0
Reporting Requirements for First Home Saver Accounts Providers
Objective of this reporting standard
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 and outlines the overall requirements for the provision of information to APRA relating to the First Home Saver Accounts business of First Home Saver Accounts providers. It should be read in conjunction with Form FRF 100.0 Reporting Requirements for First Home Saver Accounts Providers and the associated instructions (both of which are attached and form part of this reporting standard).
 
Purpose
1.             Data collected in Form FRF 100.0 Reporting Requirements for First Home Saver Accounts providers (FRF 100.0) are used by APRA for the purpose of prudential supervision, including assessing compliance with prudential standards. The data may also be used by the Reserve Bank of Australia, the Australian Bureau of Statistics, the Australian Securities and Investments Commission and the Australian Tax Office.
Application
2.             This reporting standard applies to all authorised deposit-taking institutions (ADIs), life insurance companies and registered superannuation entity licensees (RSE licensees) that provide First Home Saver Accounts (FHSAs). For the purposes of this reporting standard, these regulated institutions are referred to as First Home Saver Accounts providers (FHSA providers).
Information required
3.             An FHSA provider must provide APRA with the information required by Form FRF 100.0 for each reporting period.
4.             For the avoidance of doubt, if an FHSA provider that is a RSE licensee is trustee of more than one FHSA trust, the trustee must separately provide the information required by the form for each of those FHSA trusts.
Method of submission
5.             The information required by this reporting standard must be given to APRA either:
(a)           where subparagraph (b) does not apply:
(i)            in electronic form using the ‘Direct to APRA’ (D2A) application, applying one of the electronic submission mechanisms under that application; or
(ii)           by completing Form FRF 100.0 on paper and mailing the completed form to APRA; or
(b)          by means of an agent to whom the FHSA provider has outsourced the function of providing the information on the FHSA provider’s behalf, in which case, the agent must provide the information:
(i)            in electronic form using the ‘Direct to APRA’ (D2A) application, applying one of the electronic submission mechanisms under that application; or
(ii)           if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under paragraph 5(b)(i), by manually completing Form FRF 100.0 on paper and mailing the completed form to APRA
Note: the ‘Direct to APRA’ application software and paper forms may be obtained from APRA.
Reporting periods and due dates
6.             Subject to paragraph 7, an FHSA provider must provide the information required by this reporting standard in respect of each quarter based on the financial year (within the meaning of the Corporations Act 2001) of the FHSA provider (or FHSA trust, as applicable).
7.             APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular FHSA provider, to require it to provide the information required by this reporting standard more frequently, or less frequently, having regard to:
(a)           the particular circumstances of the FHSA provider;
(b)          the extent to which the information is required for the purposes of the prudential supervision of the FHSA provider; and
(c)           the requirements of the Reserve Bank of Australia, the Australian Bureau of Statistics, the Australian Securities and Investments Commission and the Australian Tax Office.
8.             The information required by this reporting standard must be provided to APRA:
(a)           if the FHSA provider is an ADI or life insurance company - within 20 business days after the end of the reporting period to which the information relates; or
(b)          if the FHSA provider is an RSE licensee – within 25 business days after the end of the reporting period to which the information relates.
9.             APRA may grant an FHSA provider an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
Quality control
10.         All information provided by an FHSA provider under this reporting standard must be subject to processes and controls developed by the FHSA provider for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the FHSA provider to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
Authorisation
11.         Where the FHSA provider provides the information required by this reporting standard under paragraph 5(a) and:
(a)           the FHSA provider uses the D2A application under paragraph 5(a)(i), an officer of the FHSA provider must digitally sign, authorise and encrypt the information (for which purpose, APRA’s certificate authority will issue ‘digital certificates’, for use with the software, to officers of the FHSA provider who have authority from the FHSA provider to transmit data to APRA); or
(b)          the FHSA provider provides the information on paper under paragraph 5(a)(ii), the completed form must be signed by an officer of the FHSA provider who is authorised by the FHSA provider to complete and lodge the form.
12.         If the FHSA provider provides the information required by this reporting standard through an agent under paragraph 5(b):
(a)           the agent will not be required to sign or authorise the information; but
(b)          with respect to the completed form that represents the fourth quarterly return (being the final return for the financial year of the FHSA provider), the FHSA provider must:
(i)            obtain from the agent a paper copy of that completed form as provided to APRA;
(ii)           cause the paper copy to be signed by an officer of the FHSA provider authorised by the FHSA provider to sign the paper copy; and
(iii)         lodge the signed paper copy with APRA within four months of the end of the financial year of the FHSA provider (unless APRA, in writing, determines to waive this requirement in relation to an FHSA provider or all FHSA providers).
Note: APRA may, for example, determine to waive the requirement under paragraph 12(b)(iii) where the FHSA provider has undertaken to retain the signed copy of the completed form for an agreed period of time.
13.         If an officer of an FHSA provider provides the information required by this reporting standard:
(a)           using D2A, the officer must digitally authorise and submit the data to APRA and receive a D2A receipt number for the information to be considered provided to APRA; or
(b)          on paper, the relevant completed form must be signed on the front page by the principal executive officer or chief financial officer of the FHSA provider.
Interpretation
14.         In this reporting standard:
ADI means an authorised deposit-taking institution within the meaning of the Banking Act 1959;
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;
business days means ordinary business days, exclusive of Saturdays, Sundays or public holidays;
principal executive officer means the principal executive officer of the FHSA provider for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the entity; and
reporting period means a reporting period under paragraph 6 or, if applicable, paragraph 7.
 

 
 
 
 
 
 
Reporting Form FRF 100.0
Reporting Requirements for First Home Saver Accounts Providers
Instruction Guide
Completion of FRF 100.0 Reporting Requirements for First Home Saver Accounts Providers
This form must be completed on a quarterly basis by all First Home Saver Accounts providers (FHSA providers). If an FHSA provider has no items to disclose, tick the “Nil form” box at the top of the form and submit the form to APRA.
Purpose
This form collects specific financial information on the FHSA business of FHSA providers.
This instruction guide has been prepared to assist in the completion and lodgement of Form FRF 100.0 Reporting Requirements for FHSA Providers. For ease of use, the guide is structured as follows:
1.             Lodgement and validation of Form FRF 100.0 Reporting Requirements for FHSA Providers;
2.             General guidance for Form FRF 100.0 Reporting Requirements for FHSA Providers; and
3.             Instruction guide for specific items. This section is divided into the following three parts that reflect the structure of the form:
A.            Entity profile;
B.            Changes in number and balance of FHSAs; and
C.            Investment linked products.
Lodgement and validation
This form must be completed and lodged with APRA by each regulated institution that is an FHSA provider.  As a corporate or natural ‘person’ must lodge the return, an RSE licensee (or an administrator) must lodge the return on behalf of the FHSA trust where the FHSA business is located.
A receipt indicating successful lodgement of the form will be provided via email.
When data is entered into the form, the total balances (in greyed out cells) will not be calculated automatically. The total items will only calculate when the form is validated. Clicking on the word ‘validate’ in the top left hand corner of the screen and selecting ‘OK’ will result in the total items being calculated and the validation rules appearing for review.
There are two types of validation rules as follows:
Warnings: Confirmation rules – this rule requires the user to provider confirmation that the data entered into an item is correct, for example, that a negative number is correct and should not be positive. To provide confirmation, the user should click the confirm box and provide a brief description in support of the item.
Note: Descriptions entered for warnings may not always appear if the return is validated more than once. There is no need to re-enter the description as D2A has saved this description and the comments will be lodged with the return.
Error: Mandatory rules – this indicates an error in an item, for example, a description and a value must be included in a table. These errors must be corrected before the return can be lodged.
General guidance for completion of FRF 100.0 Reporting Requirements for FHSA Providers
Important!
Unless otherwise indicated, report all items on the form as positive numbers. This form must not be considered in terms of the double entry accounting method. Positive numbers are required throughout the form, even in relation to a credit entry, to enable validation calculations to be generated accurately. Liability balances should only be reported as a negative number if a loss has occurred. All negative numbers will have to be confirmed by the user and a description provided in line with the Warnings validation (see above).
Important!
Report all disclosures rounded to the nearest [thousand] dollars. Do not use decimal numbers i.e. when dividing the value to obtain a rounded balance to the nearest thousand dollars, ensure that the figure is whole.
Basis of accounting (cash vs. accruals)
Items on this form should be reported on a basis consistent with the accounting treatment (cash or accruals basis) adopted by the FHSA provider. APRA would ordinarily expect that FHSA providers are ‘reporting entities’ and will therefore apply an accruals basis, in accordance with the requirements of current Australian Accounting Standards.
Important!
Once selected, the basis of accounting used must be consistent for all four quarterly returns.
Instruction guide for specific items
A. Entity profile
1.1        Does the entity provide FHSAs?
If the entity provided FHSAs at any time during the reporting period, report ‘Yes’.
 
B. Changes in number and balance of FHSAs
Items 2.1 and 2.2 relate to both the number of FHSAs and the total dollar value of FHSAs held by the provider. Report both the number of accounts and the total balance including any charges or interest calculated since the start of the financial year. 
2.1        FHSAs at start of financial year
Report the total number of FHSAs open at the start of the financial year e.g. report the total number of accounts as at 1 July for FHSA providers with a balance date of 30 June.
Report the total amount of money held in FHSAs as at the first day of the financial year.
2.1.1  New accounts opened since the start of the financial year excluding accounts where there is a transfer of business from another provider
Report only those new accounts that were opened by individual account holders. (This will include transfers under section 35 of First Home Saver Accounts Act 2008 (FHSA Act)).  New FHSAs that are opened as the result of a transfer of FHSA business from another provider must be reported at 2.1.2.
2.1.2  New accounts opened since the start of the financial year where there is a transfer of business from another provider
Report only those new accounts that were opened as a result of FHSA business being transferred from another FHSA provider under the Financial Sector (Business Transfer and Group Restructure) Act 1999 or section 119 of the FHSA Act.
2.1.3  Accounts closed since the start of the financial year – proceeds used for housing
Report those accounts that were closed because the account holder has given the FHSA provider a notice that the holder has acquired a qualifying interest in a home.
2.1.4  Accounts closed since the start of the financial year – transfers to other providers
Report only those accounts that were closed at the request of individual account holders following a transfer in accordance with section 35 of the FHSA Act.
2.1.5  Accounts closed since the start of the financial year – transfer of business to other providers
Report only those accounts that were closed as a result of FHSA business being transferred to another FHSA provider under the Financial Sector (Business Transfer and Group Restructure) Act 1999 or section 119 of the FHSA Act.
2.1.6  Accounts closed since the start of the financial year – transfers to superannuation funds
Report those accounts that were closed because the account holder has given the FHSA provider a notice that the holder has reached 65 years of age or is otherwise ineligible to hold a FHSA account. When accounts are closed, the proceeds must be transferred to a nominated superannuation fund. 
2.1.7  Accounts closed since the start of the financial year - other
Report those accounts that were closed other than those falling within items 2.1.3 – 2.1.6.  This includes those accounts closed because the FHSA holder is aged 60 or over and has given the FHSA provider a statement that he or she wants the balance of the FHSA to be paid to him or her. Also include those accounts closed as a result of a repayment made in accordance with subsection 992A(4) (unsolicited offer of financial product), section 1016F (defective product disclosure document) or section 1019B (cooling-off period) of the Corporations Act 2001 or following a payment made in accordance with subsection 51B(1) (unclaimed money) of the FHSA Act.
2.1.8 Other
Report all contributions and any other amount credited/debited to accounts reported at 2.1.
 
2.1.9 FHSAs at end of period
Derived field - calculates the total number of FHSAs open at the end of the reporting period e.g. for the September reporting quarter, the total number of accounts as at 30 September.
Derived field - calculates the total amount of money held in FHSAs as at the last day of the reporting quarter.
 
2.2        Four-year rule
2.2.1  FHSAs at end of period – ‘four-year rule’ met
Report the number of accounts and the dollar value of FHSA monies that have met the criterion in subsection 32(1)(c)(i) of the FHSA Act (the ‘four-year rule’).
2.2.2  FHSAs at end of period – ‘four-year rule’ not met
Report the number of accounts and the dollar value of FHSA monies that have not met the criterion in subsection 32(1)(c)(i) of the FHSA Act (the ‘four-year rule’).
 
C. Investment linked products
3.1        Investment options
Where investment choice is offered by the FHSA provider, specify the number of investment strategy options offered to FHSA holders
Important!
A FHSA trustee must include all investment options available across the entity, even when they are not available to all account holders.
3.2        Investment holdings of options
For each investment option offered to account holders specify the following information:
3.2.1        Fixed interest investments
Report the maximum term (expressed in months) of fixed interest investments. This refers to the maximum term of the instruments invested in by the FHSA provider, not the maximum term taken up by individual members.
3.2.2        Unlisted assets
Report the maximum exposure (expressed in dollars) to unlisted assets at any time during the reporting period.
3.2.3        Listed equities (ASX 200)
Report the gross market value (expressed in dollars) of investments in listed equities within the ASX 200.
3.2.4        Listed equities (non ASX 200)
Report the gross market value (expressed in dollars) of investments in listed equities not within the ASX 200.
3.2.5        Other
Report the balance (expressed in dollars) of investments not reported in items 3.2.1-3.2.4 (inclusive) above.
Important!
Data regarding investments must be disclosed on a look-through basis. i.e. the underlying investments in the portfolio must be analysed and reported separately.  
 
3.3        Investment return of options
For each option report the investment return (change in unit price or crediting rate, expressed as a percentage) to account holders for the period.