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
15 Section 10-5 (table item headed "general insurance companies and companies that self insure")
Repeal the item, substitute:
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general insurance companies and companies that self insure |
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gross premiums reduction in value of adjusted liability for incurred claims |
321-45
|
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reduction in value of adjusted liability for remaining coverage |
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reduction in value of outstanding claims liability |
321-80 |