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
16 Section 12-5 (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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claims paid |
321-25 and 321-95 |
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increase in value of adjusted liability for incurred claims |
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increase in value of adjusted liability for remaining coverage |
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increase in value of outstanding claims liability |
321-85 |