The Government is seeking information and comments from interested parties on the tax impacts of implementing the new accounting standard for insurance contracts (AASB17) which will apply mandatorily for annual reporting periods beginning on or after 1 January 2021. This will inform the Government’s consideration of whether and what changes may be needed to the tax law as a consequence of the move to the new accounting standard.
Consideration of the tax implications of AASB17 also provides an opportunity to seek comments on two other insurance taxation issues that relate to the operation of the current provisions:
- First, whether the tax law for health insurers should be codified rather than relying on the ordinary principles; and
- Second, whether the tax law should specify how to calculate outstanding claims liabilities for general insurance companies.
You can submit responses to this consultation up until 31 January 2019.
Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
How to respond
Address written submissions to:
Corporate and International Tax Division
PARKES ACT 2600