On 9 May 2023, as part of the 2023–24 Budget, the Australian Government announced it will amend the tax law to minimise the regulatory burden facing general insurers.
This measure is now law.
The amendments allow general insurers to continue using audited financial reporting information as the basis for their annual income tax returns. The amendments broadly align the tax law with the new accounting standard, AASB 17 and have effect for income years starting on or after 1 January 2023.
More information
- Amendments to income tax law for general insurers details the amendments, including transitional arrangements and provides the form to make the election to spread the changes that occur due to adoption of AASB 17.