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 1   Main amendments

Income Tax Assessment Act 1997

2   Paragraph 321-10(a)

Repeal the paragraph, substitute:

(a) the value, at the end of the previous income year, of the company's adjusted *liability for incurred claims under *general insurance policies; exceeds