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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
 View history reference


(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
 View history reference


(b) is a payment of money, or a supply, by an *HIH rescue entity in the circumstances referred to in subsection 78-120(1).

Note:

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


 



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