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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 79 - Compulsory third party schemes    View history reference

Subdivision 79-C - Other payments and supplies under compulsory third party schemes    View history reference

79-50  Decreasing adjustments for CTP compensation or ancillary payments or supplies  

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(1)  

An *operator of a *compulsory third party scheme has a decreasing adjustment if the operator makes a *CTP compensation or ancillary payment or supply under the scheme.

(2)  

However, this section only applies if:


(a) the payments of *CTP premium to the *operator that have been or are required to be made under the scheme are, or would be, *consideration for a *taxable supply; and
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(b) the *operator is *registered or *required to be registered.

(3)  

The *decreasing adjustment in relation to the payment or supply is worked out using the applicable *average input tax credit fraction (see section 79-95).


 



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