Returns by insurers
32 Returns by insurers
An insurer must, on or before the return date for each financial year, lodge with the Chief Commissioner a return showing—
the total amount of premiums received by or due to the insurer for that financial year, for each class of policy that is relevant insurance, and
the total amount of attributed charges for those premiums.
The return must be lodged with a certificate from a qualified auditor, relating to the return, that is in a form approved by the Chief Commissioner.
A qualified auditor means an auditor who is—
a registered company auditor within the meaning of the Corporations Act 2001 of the Commonwealth, or
a person not resident in the State who has qualifications that, in the Chief Commissioner’s opinion, are appropriate for the giving of the certificate.
The return must disclose the accounting method used by the insurer to record premiums received by or due to the insurer.
Only one accounting method may be used in the return.
The insurer must use the same accounting method as the insurer used in the return provided for the previous financial year, unless a change in accounting method is approved by the Chief Commissioner.
In this section—
accounting method means the cash accounting method or the accrual accounting method.
insurer includes any person who has been assessed as liable for a contribution for the previous financial year, whether or not the person is still an insurer.
Note.
It is an offence under section 57 of the Taxation Administration Act 1996 to fail to lodge a statement as required by this section.
It is also an offence under the Taxation Administration Act 1996 to provide false or misleading information to the Chief Commissioner.
This Act’s bill:Explanatory memorandumSecond reading speech
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