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  

Subdivision 80-A - Insurance policy settlement sharing arrangements  

80-35   Adjustment events relating to managing operator ' s payment or supply  

Division 19 applies in relation to an * increasing adjustment that the * managing operator has under section 80-30 as a result of the making of a * managing operator ' s payment or supply as if:

(a) the * contributing operator ' s payment were * consideration for a * taxable supply made by the managing operator; and

(b) the adjustment were the GST payable on the taxable supply; and

(c) any changes made to those payments were a change in the consideration for the supply.