Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 321.90

How value of outstanding claims liability is worked out

                   Work out the value, at the end of an income year, of a company's liability for claims covered by section 321-80 or 321- 85 by adding up the amounts that, at the end of that income year, the company determines, based on proper and reasonable estimates, to be appropriate to set aside and invest in order to meet:

                     (a)  liabilities for those claims; and

                     (b)  direct settlement costs associated with those claims.



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