Treasury is seeking feedback on the tax impacts of a new accounting standard for insurance contracts.

It wants to know if tax laws should be changed to accommodate AASB 17 Insurance Contracts when it takes effect on January 1 2021.

AASB 17 is issued by the Australian Accounting Standards Board and is designed to provide a consistent accounting treatment for health and general insurance contracts.

It is based on the International Accounting Standards Board’s new IFRS 17 requirements for insurance contracts worldwide.

The Insurance Council of Australia and its overseas peers have called for a delay in implementation of IFRS 17 to give insurers more time to prepare.

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