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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 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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