Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 78.20

Settlements of insurance claims do not give rise to creditable acquisitions

             (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 an acquisition made by the insurer.

             (2)  This section has effect despite section 11-5 (which is about what is a creditable acquisition).



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