Income tax amendments for updates to the accounting standard for insurance contracts

Taxpayers in the general insurance industry should take immediate action to consider the impacts of this change – in particular whether the transitional election should be made, as detailed by Peter Mallyon, Ethan Zuo and John Salvaris.

The Federal Government introduced the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (Bill) into the House of Representatives on 13 September. Schedule 6 of the Bill includes the amendments to the income tax legislation for general insurers in respect of the accounting standard change to AASB17 Insurance Contracts, which came into effect for income years beginning after 1 January 2023.   The amendments intend to reduce the income tax complian...

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Authors: Peter Mallyon, Ethan Zuo,

Published Date: 14 September 2023