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

Chapter 4 - The special rules  

Part 4-2 - Special rules mainly about supplies and acquisitions  

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 78 - Insurance  

Subdivision 78-A - Insurers    View history reference

78-30  Acquisitions by insurers in the course of settling claims under non-taxable policies  

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(1)  

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An acquisition is not a *creditable acquisition if:


(a) the insurer makes the acquisition:

(i) to the extent that the acquisition is an acquisition of goods - solely for the purpose of supplying the goods in the course of settling a claim under an *insurance policy; or

(ii) otherwise - solely for a purpose directly related to settling a particular claim under an *insurance policy; and
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(b) the supply of the insurance policy by the insurer was *GST-free.
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(2)  

This section has effect despite section 11-5 (which is about what is a creditable acquisition).


 



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