INCOME TAX ASSESSMENT ACT 1997 - SECT 321.10 Assessable income to include amount for reduction in outstanding claims liability

INCOME TAX ASSESSMENT ACT 1997 - SECT 321.10

    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.