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:

general insurance companies and companies that self insure

 

gross premiums

reduction in value of adjusted liability for incurred claims

321-45


321-10

reduction in value of adjusted liability for remaining coverage


321-50

reduction in value of outstanding claims liability

321-80

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