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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 80 - Settlement sharing arrangements    View history reference

Subdivision 80-A - Insurance policy settlement sharing arrangements    View history reference

80-5  Meaning of insurance policy settlement sharing arrangement etc.  

 View history reference

Meaning of insurance policy settlement sharing arrangement

(1)  

An insurance policy settlement sharing arrangement is an arrangement:


(a) that relates to an accident or other incident or 2 or more related accidents or other incidents; and


(b) to which the parties are the *operators of a *compulsory third party scheme or schemes who have issued *insurance policies to persons involved in the accidents or incidents; and
 View history reference


(c) under which:


(i) one party (the managing operator) is to make one or more payments or supplies in settlement of a claim, under the compulsory third party scheme or one of the compulsory third party schemes, relating to the accidents or incidents; and

(ii) each other party (a contributing operator) is to make a payment to the *managing operator in respect of that operator settling the claim.

Meaning of managing operator's payment or supply

(2)  

If a payment or supply mentioned in subparagraph (1)(c)(i) is not a *CTP ancillary payment or supply, it is a managing operator's payment or supply.

Meaning of contributing operator's payment

(3)  

A payment mentioned in subparagraph (1)(c)(ii), to the extent that it is not a fee to the *managing operator for managing the process of making settlements under the arrangement, is a contributing operator's payment.


 



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