Document ID: chunk:federal_register_of_legislation:F2023L00717:body:0:p22
Version: federal_register_of_legislation:F2023L00717
Segment Type: other
Provision Reference: 
Character Range: 90045–97124

required).
Item L11.2  Report declared bonus distributions from Life Act PRP, Life Act SRPP, Life Act SRP (overseas par), AASB 17 SRPN and share capital.                                                                                                                                                                                                                        Item A11.3                                                                                                                                                                                                     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 Life Act PRP, Life Act SRPP, Life Act 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 340.1.                                                                                                                                                                                                                                                                                   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 340.1.

            Bonus distributions decrease Life Act PRP, Life Act SRPP, Life Act SRP (overseas par), AASB 17 SRPN, and share capital.                                                                                                                                                                                                                                                                                                                                                                                                                                                  Bonus distributions decrease EFCF (PRP portion), AASB 17 SRPP, AASB 17 SRP (overseas par), AASB 17 SRPN and share capital.

            The offsetting increase in Life Act policy liabilities is reported in item L11.3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        The offsetting increase in EFCF (non-PRP portion) is reported in A11.4
Item L11.3  Report impact of declared bonus on Life Act policy liabilities.                                                                                                                                                                                                                                                                                           Item A11.4                                                                                                                                                                                                     Report impact of declared bonus on EFCF (non-PRP portion) and RA.

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

            Declared bonus increases Life Act policy liabilities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Declared bonus increases EFCF (non-PRP portion) and RA (if required).
Item L11.4  Report shareholder distributions from Life Act SRPP and Life Act SRP (overseas par) due to bonus distributions.                                                                                                                                                                                                                                           Item A11.5                                                                                                                                                                                                     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 Life Act SRPP and Life Act SRP (overseas par) to the shareholder fund due to bonus distributions.                                                                                                                                                                                                                                                                                                                                                                                                                   This is the 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