Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2024 (52 of 2024)

Schedule 6   Income tax amendments for updates to accounting standards for general insurance contracts

Part 2   Other amendments

Income Tax Assessment Act 1997

17   Paragraph 705-70(1AC)(c)

Repeal the paragraph, substitute:

(c) the liability is either of the following:

(i) the *liability for incurred claims of a *general insurance company or of a private health insurer (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015) under *general insurance policies;

(ii) the *liability for remaining coverage of a general insurance company or of a private health insurer (within the meaning of that Act) under general insurance policies; or