Document ID: chunk:federal_register_of_legislation:F2023L00717:body:0:p23
Version: federal_register_of_legislation:F2023L00717
Segment Type: other
Provision Reference: 
Character Range: 96857–101652

amount of shareholder distributions from AASB 17 SRPP and AASB 17 SRP (overseas par) to the shareholder fund due to bonus distributions.

            Under section 62 of the Life Act, shareholder retained profits may be transferred to shareholders' funds (reported in this item), to another statutory fund (reported in this item) or distributed as bonus (reported in L11.1 and L11.2).                                                                                                                                                                                                                                                                                                                               Under section 62 of the Life Act, shareholder retained profits may be transferred to shareholders' funds (reported in this item), to another statutory fund (reported in this item) or distributed as bonus (reported in A11.1 and A11.3).

            Shareholder distributions decrease retained profits.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Shareholder distributions decrease retained profits.

12. Retained profit transfers

Item L12.1  Report Life Act PRP transfers between Ordinary business class, Superannuation business class and within Overseas business.                                                                                                                   Item A12.1  Report EFCF (PRP portion) transfers between Ordinary business class, Superannuation business class and within Overseas business.

            This is the amount of Life Act PRP transfers between Australian Ordinary business class and Australian Superannuation business class or within these classes, and Overseas business between investment account benefits and other benefits.              This is the amount of EFCF (PRP portion) transfers between Australian Ordinary business class and Australian Superannuation business class or within these classes, and Overseas business between investment account benefits and other benefits.

            Report gross of any tax effects on Life Act PRP transfers. Tax effects on Life Act PRP transfers are reported in L12.2                                                                                                                                   Report gross of any tax effects on EFCF (PRP portion) transfers. Tax effects on EFCF (PRP portion) transfers are reported in A12.2
Item L12.2  Report tax effect due to Life Act PRP transfers                                                                                                                                                                                              Item A12.2  Report tax effect due to EFCF (PRP portion) transfers

            This is current and deferred tax expense / (benefit) due to L12.1 (i.e. Life Act PRP transfers).                                                                                                                                                         This is current and deferred tax expense / (benefit) due to A12.1 (i.e. EFCF (PRP portion) transfers).

            Life Act PRP decreases if a payable / deferred tax liability balance is recognised or cash is paid directly without recognising a tax payable balance.                                                                                                   EFCF (PRP portion) decreases if a tax payable / deferred tax liability balance is recognised or cash is paid directly without recognising a tax payable balance.
Item L12.3  Report other Life Act PRP, Life Act SRPP and Life Act SRP (overseas par) movements.                                                                                                                                                          Item A12.3  Report other EFCF (PRP portion), AASB 17 SRPP and AASB 17 SRP (overseas par) movements.

            This is any other movement of Life Act PRP, Life Act SRPP, Life Act SRP (overseas par) not captured by other items.                                                                                                                                      This is any other movement of EFCF (PRP portion), AASB 17 SRPP and AASB 17 SRP (overseas par) not captured by other items.

13. Reconciliation adjustments

Item L13  Report reconciliation adjustments