Amendments to better align income tax law with the new accounting standard applying to general insurers, are now law.
As a general insurance company, you can choose to apply the extended transitional arrangements. These spread the transitional changes that occur from the new accounting standard over 5 years. Otherwise, the default transitional arrangements apply. The transitional arrangements ensure there are no permanent differences to your tax position when applying the new law. If you don't elect to apply the extended transitional arrangements, you don’t need to do anything further when lodging the 2024 tax return, other than apply the default transitional arrangements.
If you apply the extended transitional arrangements, the form General insurers – election to spread AASB 17 changes, must be completed by the earlier of the following:
- the lodgment due date of the 2024 tax return
- the day the 2024 tax return is lodged.
When you've completed the form, you must print a copy for record-keeping purposes.
You can notify us of the election by emailing a copy of the completed form to the address provided on the form.
You can download the form General insurers: election to spread AASB 17 changes from our website.
To help general insurers understand the changes, we've published Amendments to income tax law for general insurers about the changes. This includes information on choices available to general insurers with examples, and instructions for completing the form.
Keep up to date
We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.
Read more articles in our online Business bulletins newsroom.
Subscribe to our free:
- fortnightly Business bulletins email newsletterExternal Link
- email notifications about new and updated information on our website - you can choose to receive updates relevant to your situation. Choose the 'Business and organisations' category to ensure your subscription includes notifications for more Business bulletins newsroom articles like this one.