Notes to the Financial Statements
Outstanding balances between the Group and its related parties
ClearView Admin Services Pty Limited
ClearView Life Assurance Limited
ClearView Wealth Limited
Total
2024
$
$
$
$
— (2,534,246) 3,840,352 1,306,106
ClearView Wealth Limited
ClearView Life Assurance Limited
— (940,003) 1,594,243
2,534,246
ClearView Admin Services Pty Limited
940,003
— (2,900,349)
(3,840,352)
(1,306,106) (1,594,243) 2,900,349
—
Total
ClearView Admin Services Pty Limited
ClearView Life Nominees Pty Limited
ClearView Life Assurance Limited
ClearView Financial Management Limited
CFML Managed Investment Schemes
ClearView Wealth Limited
ClearView Retirement Plan
Total
2023
$
$
$
$
$
$
$
$
ClearView Wealth Limited
— 6,091,362
(486,480) 2,541,524
35,673
(73)
— 8,182,006 — (14,226,621)
ClearView Life Assurance Limited ClearView Financial Management Limited ClearView Admin Services Pty Limited ClearView Life Nominees Pty Limited
(6,091,362)
—
(18,473) (8,509,998)
— 393,212
486,480 18,473
— (43,432)
— — — — —
— 515,485 977,006
(2,541,524) 8,509,998
43,432
— — — —
— — — —
— 6,011,906 — (35,673) — (393,139) — (515,485)
(35,673)
—
— —
ClearView Retirement Plan
73 (393,212)
CFML Managed Investment Schemes
—
— (515,485)
Total
(8,182,006) 14,226,621
(977,006) (6,011,906)
35,673 393,139 515,485
—
Related party tax assets As at 30 June 2024 the ClearView Group carried no receivable (30 June 2023: $0.4 million receivable after a write down of $0.3 million in FY23 in respect of the FY22 income tax year driven by the reduction of the carried forward losses in CRP against its net current pension exempt income in the respective year, and $0.4 million provision fully provided) from ClearView Retirement Plan ( CRP ). Related party transactions with associates During the year, ClearView has continued to transact with Centrepoint Alliance’s financial advice businesses. Until the date of sale of investment in associate, the aggregate amounts included in the determination of profit before tax that resulted from key transactions with Centrepoint Alliance are: • Risk commission paid $3.0 million (2023: $6.3 million); and • Fees paid for adviser services $1.9 million (2023: $4.7 million). Other transactions between the Group and associate entities consisted of fees paid for financial advice business model costs. All these transactions are on a normal commercial basis. Subordinated debt On 5 November 2020, the Company issued $75 million subordinated, unsecured notes to wholesale investors (external notes). These are unsecured, subordinated debt obligations of the Company. Interest accrues at a variable rate equal to the three-month Bank Bill Swap Rate ( ‘BBSW ’) plus a margin of 6% per annum, until maturity, payable quarterly in arrears. Interest expense recognised for the year was $7.7 million (2023: $6.6 million). Concurrently, the Company utilised $30 million of the proceeds to issue subordinated notes to its wholly owned subsidiary ClearView Life Assurance Limited for regulatory capital purposes (internal notes). Interest accrues at a variable rate equal to the three-month Bank Bill Swap Rate (‘BBSW’) plus a margin of 6% per annum, until maturity, payable quarterly in arrears. Interest income recognised for the year was $3.1 million (2023: $2.7 million). The internal notes and associated interest is eliminated in the Group’s consolidated financial statements.
164
ClearView Annual Report 2024
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