INCOME TAX ASSESSMENT ACT 1997 - SECT 321.50 Assessable income to include amount for reduction in value of unearned premium reserve
INCOME TAX ASSESSMENT ACT 1997 - SECT 321.50
Assessable income to include amount for reduction in value of unearned premium reserveA * 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.