A New Tax System (Goods and Services Tax) Act 1999
Note:
The special rules in this Part mainly modify the operation of Part 2-2 , but they may affect other Parts of Chapter 2 in minor ways.
Division 79 - Compulsory third party schemes Subdivision 79-C - Other payments and supplies under compulsory third party schemes 79-50 Decreasing adjustments for CTP compensation or ancillary payments or supplies (1)An * operator of a * compulsory third party scheme has a decreasing adjustment if the operator makes a * CTP compensation or ancillary payment or supply under the scheme.
(2)
However, this section only applies if:
(a) the payments of * CTP premium to the * operator that have been or are required to be made under the scheme are, or would be, * consideration for a * taxable supply ; and
(b) the * operator is *registered or * required to be registered .
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Hide history note(3)
The * decreasing adjustment in relation to the payment or supply is worked out using the applicable * average input tax credit fraction (see section 79-95 ).
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