Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-35
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INSURANCE BUSINESS
Division 321
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General insurance companies and companies that self-insure in respect of workers
'
compensation liabilities
Subdivision 321-A
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Provision for, and payment of, claims by general insurance companies
SECTION 321-10
321-10
Assessable income to include amount for reduction in adjusted liability for incurred claims
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 adjusted *liability for incurred claims under *general insurance policies; exceeds (b) the value, at the end of the current year, of that liability.
View history note
Hide history noteA *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 adjusted *liability for incurred 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 .
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