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Income tax: insurance: does paragraph 140 of Taxation Ruling IT 2663 apply to general insurers who have omitted to include in assessable income the earned portion of premiums attributable to unclosed business?

No. The date of effect for the inclusion in assessable income of the earned portion of unclosed business comes within paragraph 142 of Ruling IT 2663.

Paragraph 140 of the Ruling deals only with changed bases of assessment. The inclusion in assessable income of the earned portion of premiums estimated to be receivable by a general insurer in respect of year end unclosed business is not a change in the basis of assessment. Note: the Addendum to this Determination that issued on 28 April 1999 applies in relation to the 1997-98 or a later income year.

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