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-C - Companies that self-insure in respect of workers ' compensation liabilities  

SECTION 321-85  

321-85   Deduction for outstanding claims liability  

A company that is not required by law to insure, and does not insure, against liability for workers' compensation claims 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 liability for such claims that:

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

(ii) were not paid in full before the end of the current year; exceeds

(b) the value, at the end of the previous income year, of that liability.

Note:

Those values are worked out under section 321-90 .