CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-35
-
INSURANCE BUSINESS
History
Part 3-35 heading amended by No 169 of 2001.
Part 3-35 inserted by No 89 of 2000.
Division 321
-
General insurance companies and companies that self-insure in respect of workers
'
compensation liabilities
History
Div 321 inserted by
No 79 of 2010
, s 3 and Sch 5 item 2, applicable to the first income year starting on or after 1 July 2010 and later income years.
Subdivision 321-A
-
Provision for, and payment of, claims by general insurance companies
History
Subdiv 321-A inserted by
No 79 of 2010
, s 3 and Sch 5 item 2, applicable to the first income year starting on or after 1 July 2010 and later income years.
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
.
History
S 321-10 inserted by
No 79 of 2010
, s 3 and Sch 5 item 2, applicable to the first income year starting on or after 1 July 2010 and later income years.