A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 79.60 Effect of settlements and payments under compulsory third party schemes

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 79.60

  (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).