Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-35
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INSURANCE BUSINESS
Division 321
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General insurance companies and companies that self-insure in respect of workers
'
compensation liabilities
Subdivision 321-C
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Companies that self-insure in respect of workers
'
compensation liabilities
SECTION 321-90
321-90
How value of outstanding claims liability is worked out
Work out the value, at the end of an income year, of a company's liability for claims covered by section 321-80 or 321-85 by adding up the amounts that, at the end of that income year, the company determines, based on proper and reasonable estimates, to be appropriate to set aside and invest in order to meet:
(a) liabilities for those claims; and
(b) direct settlement costs associated with those claims.
View history note
Hide history noteWork out the value, at the end of an income year, of a company's liability for claims covered by section 321-80 or 321-85 by adding up the amounts that, at the end of that income year, the company determines, based on proper and reasonable estimates, to be appropriate to set aside and invest in order to meet:
(a) liabilities for those claims; and
(b) direct settlement costs associated with those claims.
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