Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 321 - General insurance companies and companies that self-insure in respect of workers ' compensation liabilities  

Subdivision 321-A - Provision for, and payment of, claims by general insurance companies  

SECTION 321-10   321-10   Assessable income to include amount for reduction in outstanding claims liability  

A *general insurance company's assessable income for the *current year includes an amount equal to the amount (if any) by which:

(a) the value, at the end of the previous income year, of the company's liability for *outstanding claims under *general insurance policies; exceeds

(b) the value, at the end of the current year, of that liability.

Note:

Those values are worked out under section 321-20 .