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Taxation Determination

TD 92/119

Income tax: insurance: does paragraph 140 of Taxation Ruling IT 2663 apply to general insurers who have omitted to include in assessable income the earned portion of premiums attributable to unclosed business?

  • Please note that the PDF version is the authorised consolidated version of this ruling and amending notices.
    This document incorporates revisions made since original publication. View its history and amending notices, if applicable.

FOI status:

may be releasedFOI number: I 1212864

This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953, is a public ruling for the purposes of that Part . Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner. Unless otherwise stated, the Determination applies to transactions entered into both before and after its date of issue.

[Note: This is a consolidated version of this document. Refer to the Tax Office Legal Database (http://law.ato.gov.au) to check its currency and to view the details of all changes.]

Income tax: insurance: does paragraph 140 of Taxation Ruling IT 2663 apply to general insurers who have omitted to include in assessable income the earned portion of premiums attributable to unclosed business?

1. No. The date of effect for the inclusion in assessable income of the earned portion of unclosed business comes within paragraph 142 of Ruling IT 2663.

2. Paragraph 140 of the Ruling deals only with changed bases of assessment. The inclusion in assessable income of the earned portion of premiums estimated to be receivable by a general insurer in respect of year end unclosed business is not a change in the basis of assessment.

Note: the Addendum to this Determination that issued on 28 April 1999 applies in relation to the 1997-98 or a later income year.

Commissioner of Taxation
16/07/92

References

ATO references:
NO Insurance Industry Cell

ISSN 1038 - 3158

Related Rulings/Determinations:

TD 92/120
IT 2663

Subject References:
general insurance companies
unclosed business

Legislative References:
ITAA 25(1)

TD 92/119 history
  Date: Version: Change:
  16 July 1992 Original ruling  
You are here 28 April 1999 Consolidated ruling Addendum

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