Australia: Consultation on draft bill aligning tax treatment of general insurers with AASB17
Seeks to implement the measure “amending the tax law to reduce compliance costs for general insurers”
Consultation on draft bill aligning tax treatment of general insurers with AASB17
Treasury released for consultation an exposure draft bill that seeks to implement the 2023-2024 budget measure “amending the tax law to reduce compliance costs for general insurers.”
The exposure draft bill—Treasury Laws Amendment (Measures for Future Bills) Bill 2023: income tax amendments for updates to accounting standards for general insurance contracts [PDF 192 KB]—would amend Division 321 of the Income Tax Assessment Act 1997 to broadly align the treatment of general insurance contracts with the AASB17 accounting standard.
According to Treasury, this amendment would “reduce the regulatory burden for general insurers from maintaining different sets of records for tax and accounting purposes.”
The consultation period closes 21 July 2023.
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