This consultation process has now been completed. Submissions available
Date
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Consultation Type
Exposure Draft Legislation
Key Documents
In the 2023‑24 Budget, the Government announced the measure 'Amending the tax law to reduce compliance costs for general insurers'.
Treasury is seeking views from interested parties on the draft legislative amendments and explanatory materials to implement this measure.
The Exposure Draft Bill amends Division 321 of the Income Tax Assessment Act 1997 to broadly align the treatment of general insurance contracts with the AASB17 accounting standard. This will reduce the regulatory burden for general insurers from maintaining different sets of records for tax and accounting purposes.