S 78-45(1) substituted by No 118 of 2017, s 3 and Sch 1 item 9, effective 1 July 2017. For application provision, see note under the definition of "digital currency" in s 195-1. S 78-45(1) formerly read:
(1) If, in settlement of a claim under an *insurance policy, an insurer:
(a) makes a payment of *money; or
(b) makes a supply; or
(c) makes both a payment of money and 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.
S 78-45 substituted by No 177 of 1999, s 3 and Sch 1 item 90, effective 1 July 2000. S 78-45 formerly read:
78-45 Supplies of goods to insurers in the course of settling claims
(1) A supply of goods is not a *taxable supply if it is solely a supply made under an *insurance policy to an insurer in the course of settling a claim under the policy.
(2) In working out the value of a *taxable supply that is partly a supply of goods made under an *insurance policy to an insurer in the course of settling a claim under the policy, disregard the *consideration to the extent that it relates to the supply of those goods.
(3) This section has effect despite section 9-5 (which is about what are taxable supplies) and section 9-75 (which is about the value of taxable supplies).