Taxation Laws Amendment Act (No. 3) 2002 (97 of 2002)
Schedule 2 General insurance
Income Tax Assessment Act 1997
12 Subsection 995-1(1)
Insert:
outstanding claims at the end of an income year (the current income year ) under *general insurance policies means claims under the policies that:
(a) the *general insurance company concerned is liable to pay; and
(b) arose from insured events that occurred in the current income year or an earlier income year; and
(c) were not paid in full before the end of the current income year.
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