Taxation Determination

TD 92/120W

Income tax: insurance: if income tax returns for years before the income year commencing 1 July 1991 are amended to include as assessable income the earned portion of unclosed business, is the basis of calculation of the unearned premium provision (UPP) required to be made using the 365th method as discussed in Taxation Ruling IT 2663?

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FOI status:

Notice of Withdrawal

Taxation Determination TD 92/120 is no longer current and is withdrawn with effect from today.

The Determination applied to years of income prior to 1991-92.

Commissioner of Taxation
25 February 1998

References

ATO references:
NO Insurance Industry Cell

Related Rulings/Determinations:

TD 92/119
IT 79
IT 2663

Subject References:
general insurance companies
unclosed business
unearned premium provision

Legislative References:
ITAA 25(1)