From 1 July 2023, Registrable Superannuation Entities (RSEs) are subject to new financial reporting and auditing requirements in Chapter 2M of the Corporations Act.

Who are in scope?

The new requirements apply to:

  • regulated superannuation funds
  • approved deposit funds
  • pooled superannuation funds.


Small APRA funds, exempt public superannuation schemes, excluded approved deposit funds and self-managed superannuation funds are not in scope of the new requirements.

What are the reporting requirements?

RSEs are required to prepare the following and make them publicly available on the RSE’s website:

  • Financial Report.
  • Annual Directors’ Report.
  • Remuneration Report.
  • Relevant sub-plan information.

The Remuneration Report applies to the key management personnel (KMP) of the RSE. Information about the compensation of each KMP such as how compensation is determined and details about any share-based payments is also included in the remuneration report.

The Annual Directors’ Report (including the remuneration report), audited financial report, and auditor’s report are lodged with ASIC within 3 months from reporting year end.

RSEs have the obligation to retain financial records for 7 years.

What are the auditing requirements?

The RSE licensee appoints an individual auditor, audit firm or audit company to perform an audit of the financial report and remuneration report.

The auditor has an obligation to issue an audit report of the financial report and remuneration report and to report any contraventions of the Corporations Act and SIC Act to ASIC and APRA respectively.

What are your next steps?

  • Identify information gaps to prepare for reporting for annual periods beginning on or after 1 July 2023 under the Corporations Act.
  • Implement systems, processes, and controls to capture any new information needed to comply with new reporting requirements.
  • Identify directors and key management personnel of the RSE.
  • Implement mechanisms to ensure compliance with reporting deadlines and information is available publicly within the relevant required timeframes.
  • Prepare pro-forma of new reports (e.g., remuneration report).