A New Tax System (Goods and Services Tax) Act 1999
Chapter 4
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The special rules
Part 4-2
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Special rules mainly about supplies and acquisitions
If, in settlement of a claim made by an insurer in the insurer ' s exercising of rights of subrogation in respect of an *insurance policy, an entity that is not insured under the policy makes one or more of the following:
(a) a payment of *money;
(b) a payment of *digital currency;
(c) a supply;
(2)
This section has effect despite section 11-5 (which is about what is a creditable acquisition).
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 78 - Insurance Subdivision 78-C - Third parties 78-75 Creditable acquisitions relating to rights of subrogation (1)If, in settlement of a claim made by an insurer in the insurer ' s exercising of rights of subrogation in respect of an *insurance policy, an entity that is not insured under the policy makes one or more of the following:
(a) a payment of *money;
(b) a payment of *digital currency;
(c) a supply;
the payment or supply is not treated as *consideration for an acquisition made by the entity.
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This section has effect despite section 11-5 (which is about what is a creditable acquisition).
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