Document ID: chunk:federal_register_of_legislation:F2023L00717:body:0:p34
Version: federal_register_of_legislation:F2023L00717
Segment Type: other
Provision Reference: 
Character Range: 132858–135876

not follow the Life Act profit allocation percentages.

           This is the amount of increase in EFCF (non-PRP portion) and RA needed to offset interim and terminal bonus reported as claim payments.

           Interim and terminal bonus offsets increase EFCF (non-PRP portion) and RA (if required).
Item A9.3  Report declared bonus distributions from EFCF (PRP portion), AASB 17 SRPP, AASB 17 SRP (overseas par), AASB 17 SRPN and share capital.

           This is the amount of declared bonus for in-force policies distributed from EFCF (PRP portion), AASB 17 SRPP, AASB 17 SRP (overseas par), AASB 17 SRPN and share capital.

           For distributions from AASB 17 SRPN and share capital, they could be sourced from within the statutory fund or outside of the statutory fund (i.e. from other funds). Deductions to AASB 17 SRPN and share capital relating to those distributions are to be reported under LRS 340.2.

           The offsetting increase in EFCF (non-PRP portion) is reported in A9.3.
Item A9.4  Report impact of declared bonus on EFCF (non-PRP portion) and RA.

           This is the amount of increase in EFCF (non-PRP portion) and RA due to declared bonus on in-force policies.

           Declared bonus increases EFCF (non-PRP portion) and RA (if required).
Item A9.5  Report shareholder distributions from AASB 17 SRPP and AASB 17 SRP (overseas par) due to bonus distributions.

           This is the amount of shareholder distributions from AASB 17 SRPP, 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 A10.1 and A10.2).

           Shareholder distributions decrease retained profits.

10. Retained profit transfers

Item A10.1  Report EFCF (PRP portion) transfers between Ordinary business class, Superannuation business class and within Overseas business.

            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 EFCF (PRP portion) transfers. Tax effects on EFCF (PRP portion) transfers are reported in A10.2
Item A10.2  Tax effect due to EFCF (PRP portion) transfers

            This is current and deferred tax expense / (benefit) due to A10.1 (i.e. EFCF (PRP transfers)).

            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 A10.3  Report other EFCF (PRP portion), AASB 17 SRPP and AASB 17 SRP (overseas par) movements.

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