INCOME TAX ASSESSMENT ACT 1997 - SECT 321.80 Assessable income to include amount for reduction in outstanding claims liability

INCOME TAX ASSESSMENT ACT 1997 - SECT 321.80

    The assessable income for the * current year of a company that is not required by law to insure, and does not insure, against liability for workers' compensation claims 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 such claims that:

  (i)   arose from events that occurred in that or an earlier income year; and

  (ii)   were not paid in full before the end of the previous income year; exceeds

  (b)   the value, at the end of the current year, of that liability.

Note:   Those values are worked out under section   321 - 90.