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