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-B - Premium income of general insurance companies  

SECTION 321-50   321-50   Assessable income to include amount for reduction in value of unearned premium reserve  


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 unearned premium reserve; exceeds


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

Note:

Those values are worked out under section 321-60 .


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