Taxation Laws Amendment Act (No. 3) 2002 (97 of 2002)

Schedule 2   General insurance

Income Tax Assessment Act 1997

12   Subsection 995-1(1)

Insert:

outstanding claims at the end of an income year (the current income year ) under *general insurance policies means claims under the policies that:

(a) the *general insurance company concerned is liable to pay; and

(b) arose from insured events that occurred in the current income year or an earlier income year; and

(c) were not paid in full before the end of the current income year.