Taxation Determination TD 92/119







[Note: This is a consolidated version of this document. Refer to the Tax Office Legal Database (http://law.ato.gov.au) to check its currency and to view the details of all changes.]: Income tax: insurance: does paragraph 140 of Taxation Ruling IT 2663 apply to general insurers who have omitted to include in assessable income the earned portion of premiums attributable to unclosed business? | 1. No. The date of effect for the inclusion in assessable income of the earned portion of unclosed business comes within paragraph 142 of Ruling IT 2663. | 2. Paragraph 140 of the Ruling deals only with changed bases of assessment. The inclusion in assessable income of the earned portion of premiums estimated to be receivable by a general insurer in respect of year end unclosed business is not a change in the basis of assessment. | Note: the Addendum to this Determination that issued on 28 April 1999 applies in relation to the 1997-98 or a later income year. | Commissioner of Taxation 16/07/92


Related rulings: TD 92/120 IT 2663
Legislative references: ITAA 25(1)
Subject references: general insurance companies unclosed business