‑10 Assessable income to include amount for reduction in adjusted liability for incurred claims
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 adjusted *liability for incurred 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.
Sourced from the Federal Register of Legislation at 25 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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