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A New Tax System (Goods and Services Tax) Act 1999

Chapter 6 - Interpreting this Act  

Part 6-2 - Meaning of some important concepts  

Division 188 - Meaning of GST turnover    View history reference

188-22  Settlements of insurance claims to be disregarded  

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In working out your * current GST turnover or your * projected GST turnover , disregard any supply that you have made to the extent that the * consideration for the supply:

(a) is a payment of *money or *digital currency, or a supply, by an insurer in settlement of a claim under an * insurance policy ; or
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(aa) is a * CTP dual premium or election payment or supply , a * CTP hybrid payment or supply or a * CTP compensation or ancillary payment or supply ; or
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(b) is a payment of money, or a supply, by an * HIH rescue entity in the circumstances referred to in subsection 78-120(1) .


Under Subdivision 78-B , your settlements of insurance claims can be treated as constituting supplies by insured entities.


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