Document ID: chunk:federal_register_of_legislation:C2010C00575:schedule:2j:p4
Version: federal_register_of_legislation:C2010C00575
Segment Type: schedule
Provision Reference: sch 2J (pt 4/5)
Character Range: 23219–26179

respect of later years of income where:

apportionable issue costs means so much of the costs incurred by the company in connection with the issue of the relevant policies as relate to the gross premiums and, without limiting the generality of the above, includes the following:
 (a) commission and brokerage fees;
 (b) administration costs of processing insurance proposals and renewals;
 (c) administration costs of collecting premiums;
 (d) selling and underwriting costs;
 (e) fire brigade charges;
 (f) stamp duty;
 (g) other charges, levies and contributions imposed by governments or governmental authorities that directly relate to general insurance policies.

net premiums means:
 (a) the sum of:
 (i) the gross premiums received or receivable by the company in relation to the relevant policies in the current year of income or an earlier year of income; and
 (ii) any reinsurance commissions received or receivable by the company that relate to relevant reinsurance premiums;
less
 (b) the sum of:
 (i) the apportionable issue costs; and
 (ii) any relevant reinsurance premiums.

relevant reinsurance premiums means premiums paid by the company in the current year of income or an earlier year of income for the reinsurance of risks covered by the relevant policies, other than:
 (a) reinsurance premiums that the company cannot deduct because of the application of subsection 148(1); and
 (b) treaty non‑proportional reinsurance premiums.

treaty non‑proportional reinsurance premiums means reinsurance premiums that were paid in respect of a particular class of insurance business where, under the contract of reinsurance, the reinsurer agreed to pay, in respect of a loss incurred by the company that is covered by the relevant policy, some or all of the excess over an agreed amount.

321‑65  Application

  This Subdivision applies to assessments for the 1999‑2000 year of income and all subsequent years of income.

Division 323—Companies that are not required by law to insure in respect of workers' compensation liabilities

Guide to Division 323

323‑1  What this Division is about

      This Division deals with provision for and payment of outstanding claims for workers' compensation liabilities against companies that are not required by law to insure, and do not insure, in respect of such liabilities.

Table of sections

Operative provisions

323‑5 Amount to be included in assessable income for outstanding claims liability
323‑10 Deduction for outstanding claims liability
323‑15 How value of outstanding claims liability is worked out
323‑20 Deductions for claims paid during year of income
323‑25 Application

[This is the end of the Guide]

Operative provisions

323‑5  Amount to be included in assessable income for outstanding claims liability

  If the value, at the end of a year of income (the current year of income), of the outstanding claims liability for workers' compensation claims of a company that is not