What are the 2 types of APRA funds?
super funds regulated by the Australian Prudential Regulation Authority (APRA), including small funds (SAFs) exempt public sector funds.
What funds are APRA?
List of APRA-regulated superannuation funds
| Fund name | Public offer? | Total assets ($ billion) |
|---|---|---|
| Australian Defence Force Superannuation Scheme | Yes | 0.9 |
| Australian Ethical Retail Superannuation Fund | Yes | 4.0 |
| Australian Meat Industry Superannuation Trust | Yes | 2.6 |
| AustralianSuper | Yes | 244.9 |
What is an APRA?
The Australian Prudential Regulation Authority (APRA) is an independent statutory authority that supervises institutions across banking, insurance and superannuation and promotes financial system stability in Australia.
What is the superannuation sole purpose test?
What is the sole purpose test? The sole purpose test sets the primary and ancillary purposes for which a superannuation fund must be operated, namely to provide benefits to, or in relation to, members after their retirement, on reaching retirement age, or on their death.
Is Hesta APRA or RSA?
The Australian Prudential Regulation Authority (APRA) regulates funds like HESTA. As a fund we’re also super vigilant, protecting members with strong fraud and theft detection and compensation.
What is APRA and RSA?
If you’ve got an account with a retail or industry super fund, you should put an X in the first box where it says ‘The APRA fund or retirement savings account (RSA)’. All superannuation funds are regulated under APRA, and therefore called an ‘APRA fund’. RSAs are grouped together with APRA funds on this form.
What is APRA or RSA?
What does APRA do in Australia?
The role of APRA The Australian Prudential Regulation Authority (APRA) is Australia’s financial system prudential regulator. It is responsible for promoting the prudent management of regulated institutions so that they can meet their financial obligations under all reasonable circumstances.
What happens if you breach the sole purpose test?
Failing the sole purpose test can lead to: An SMSF losing its concessional tax treatment (meaning the fund may need to pay additional tax on its superannuation contributions and investment earnings)
Does sole purpose test apply to pension?
Your SMSF needs to meet the sole purpose test to be eligible for the tax concessions normally available to super funds. This means your fund needs to be maintained for the sole purpose of providing retirement benefits to your members, or to their dependants if a member dies before retirement.
Is UniSuper an APRA fund?
UniSuper’s balanced offering was the top-scoring default product in the Australian Prudential Regulation Authority’s (APRA) superannuation performance test in August, outperforming its net investment return benchmark by 1.5 percentage points.