Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

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History

Part 3-35 heading amended by No 169 of 2001.

Part 3-35 inserted by No 89 of 2000.

Division 321 - General insurance companies and companies that self-insure in respect of workers ' compensation liabilities  

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History

Div 321 inserted by No 79 of 2010 , s 3 and Sch 5 item 2, applicable to the first income year starting on or after 1 July 2010 and later income years.

Subdivision 321-B - Premium income of general insurance companies  

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Subdiv 321-B inserted by No 79 of 2010 , s 3 and Sch 5 item 2, applicable to the first income year starting on or after 1 July 2010 and later income years.

SECTION 321-50  

321-50   Assessable income to include amount for reduction in adjusted liability for remaining coverage  

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A *general insurance company ' s assessable income for the *current year includes an amount equal to the amount (if any) by which:

(a)    

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the value, at the end of the previous income year, of the company ' s adjusted *liability for remaining coverage under *general insurance policies; exceeds

(b)    

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the value, at the end of the current year, of that liability.

Note:

Those values are worked out under section 321-60 .

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History

S 321-50 amended by No 52 of 2024, s 3 and Sch 6 items 8 and 9, by substituting " adjusted *liability for remaining coverage under *general insurance policies " for " unearned premium reserve " in para (a) and " liability " for " reserve " in para (b), effective 1 July 2024. For application and transitional provisions, see note under s 321-20 .

S 321-50 inserted by No 79 of 2010 , s 3 and Sch 5 item 2, applicable to the first income year starting on or after 1 July 2010 and later income years.

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