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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

79-60  Effect of settlements and payments under compulsory third party schemes  

 View history reference

(1)  

If an *operator of a *compulsory third party scheme makes a payment under the scheme, it is not treated as *consideration:


(a) for an acquisition made by the operator; or


(b) for a supply made to the operator by the entity to whom the payment was made;

to the extent that the payment is a *CTP compensation or ancillary payment or supply.

(2)  

If an *operator of a *compulsory third party scheme makes a supply under the scheme:


(a) it is not a *taxable supply; and


(b) it is not treated as *consideration for an acquisition made by the operator; and


(c) it is not treated as *consideration for a supply made to the operator by the entity to whom the supply was made;

to the extent that the supply is a *CTP compensation or ancillary payment or supply.

(3)  

This section has effect despite section 9-5 (which is about what are taxable supplies), section 9-15 (which is about consideration) and section 11-5 (which is about what is a creditable acquisition).


 



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