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:

general insurance companies and companies that self insure

 

claims paid

321-25 and 321-95

increase in value of adjusted liability for incurred claims


321-15

increase in value of adjusted liability for remaining coverage


321-55

increase in value of outstanding claims liability

321-85

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