Document ID: chunk:federal_register_of_legislation:C2010C00575:schedule:2j:p2
Version: federal_register_of_legislation:C2010C00575
Segment Type: schedule
Provision Reference: sch 2J (pt 2/5)
Character Range: 18172–20924

other way.

321‑25  Deduction for claims paid during year of income

  A general insurance company can deduct amounts paid during the year of income in respect of claims under general insurance policies.

321‑30  Application: insurance business other than reinsurance business

 (1) Subject to this section, this Subdivision applies, and is taken to have applied, to assessments in respect of insurance business other than reinsurance business, for the 1991‑92 year of income and all later years of income.

 (2) In determining whether an amount is to be included under section 321‑10 in a general insurance company's assessable income for the 1991‑92 year of income in respect of insurance business other than reinsurance business, the value of the company's outstanding claims liability under general insurance policies (other than policies of reinsurance) at the end of the previous year of income is taken to be the amount that would have been the value of that liability at that time if it had been worked out in accordance with section 321‑20.

 (3) In determining whether a general insurance company can deduct an amount under section 321‑15 for the 1991‑92 year of income in respect of insurance business other than reinsurance business, the value of the company's outstanding claims liability under general insurance policies (other than policies of reinsurance) at the end of the previous year of income is taken to be the amount that would have been the value of that liability at that time if it had been worked out in accordance with section 321‑20.

321‑35  Application: reinsurance business

 (1) Subject to this section, this Subdivision applies, and is taken to have applied, to assessments in respect of reinsurance business for the 1995‑96 year of income and all later years of income.

 (2) In determining whether an amount is to be included under section 321‑10 in a general insurance company's assessable income for the 1995‑96 year of income in respect of reinsurance business, the value of the company's outstanding claims liability under general insurance policies that are policies of reinsurance at the end of the previous year of income is taken to be the amount that would have been the value of that liability at that time if it had been worked out in accordance with section 321‑20.

 (3) In determining whether a general insurance company can deduct an amount under section 321‑15 for the 1995‑96 year of income, the value of the company's outstanding claims liability under general insurance policies that are policies of reinsurance at the end of the previous year of income is taken to be the amount that would have been the value of that liability at that time if it had been worked out in accordance with section