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Amending the tax law to reduce compliance costs for general insurers

The Australian Government announced it will amend the tax law to minimise the regulatory burden facing general insurers.

Last updated 8 May 2023

On 9 May 2023, as part of the 2023–24 Budget, the Australian Government announced it will amend the tax law to minimise the regulatory burden facing general insurers from income years starting on or after 1 January 2023.

This measure is not yet law.

The measure will allow general insurers to continue using audited financial reporting information as the basis for their annual income tax returns. This broadly aligns the tax law with the new accounting standard, AASB 17, which came into effect on 1 January 2023.

More information

Budget Paper no.2: Budget.gov.auExternal Link

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