Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 321 - General insurance companies and companies that self-insure in respect of workers ' compensation liabilities  

Subdivision 321-B - Premium income of general insurance companies  

SECTION 321-55  

321-55   Deduction for increase in adjusted liability for remaining coverage  


A *general insurance company can deduct for the *current year an amount equal to the amount (if any) by which;

(a)    

the value, at the end of the current year, of the company ' s adjusted *liability for remaining coverage under *general insurance policies; exceeds

(b)    

the value, at the end of the previous income year, of that liability.
Note:

Those values are worked out under section 321-60 .


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