A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 80.40 Meaning of nominal defendant settlement sharing arrangement etc.
A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 80.40
Meaning of nominal defendant settlement sharing arrangement etc.Meaning of nominal defendant settlement sharing arrangement
(1) A nominal defendant 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 * operators of a * compulsory third party scheme, where they are parties because the person involved in the accidents or incidents was not covered under an * insurance policy; and
(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, relating to the accidents or incidents; and
(ii) the other party, or one or more of the other parties, (each being 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 .