Commonwealth Consolidated Acts

TAXATION LAWS AMENDMENT ACT (NO. 3) 2002 - SCHEDULE 2

Income Tax Assessment Act 1936

1   Subsection 6(1)

Insert:

"general insurance company" has the same meaning as in the Income Tax Assessment Act 1997 .

2   Subsection 6(1)

Insert:

"general insurance policy" has the same meaning as in the Income Tax Assessment Act 1997 .

3   Subsection 6(1)

Insert:

"insurance business" has the same meaning as in the Insurance Act 1973 .

4   Subsection 6(1)

Insert:

"outstanding claims" at the end of a year of income under general insurance policies issued by a general insurance company has the same meaning as in the Income Tax Assessment Act 1997 .

5   Subsection 6(1)

Insert:

"value of the outstanding claims liability" of a general insurance company under general insurance policies has the meaning given by section   321 - 20 in Schedule   2J.

6   Subsection 6(1)

Insert:

"value of the outstanding claims liability" of a company for workers' compensation claims has the meaning given by section   323 - 15 in Schedule   2J.

7   Subsection 6(1)

Insert:

"value of the unearned premium reserve" of a general insurance company under general insurance policies has the meaning given by section   321 - 60 in Schedule   2J.

8   Subsection 82KZL(1) (at the end of the definition of excluded expenditure )

Add:

  ; or (e)   that has been or is incurred after 21   September 1999 by a general insurance company in connection with the issue of a general insurance policy and was related or relates to the gross premiums derived by the company in respect of the policy; or

  (f)   that has been or is incurred after 21   September 1999 by a general insurance company in payment of reinsurance premiums in respect of the reinsurance of risks covered by general insurance policies, other than reinsurance premiums that were or are paid in respect of a particular class of insurance business where, under the contract of reinsurance, the reinsurer agrees, in respect of a loss incurred by the company that is covered by the relevant policy, to pay only some or all of the excess over an agreed amount.

9   After Schedule   2H

Insert: