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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-B - Insured entities etc.    View history reference

78-45  Settlements of insurance claims do not give rise to taxable supplies  

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(1)  

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If, in settlement of a claim under an *insurance policy, an insurer makes one or more of the following:


(a) a payment of *money;


(b) a payment of *digital currency;


(c) a supply;

the payment or supply is not treated as *consideration for a supply made by the entity insured, or by any entity (other than the entity insured) that was entitled to an input tax credit for the premium paid for the insurance policy.

(2)  

This section has effect despite section 9-15 (which is about consideration).


 



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