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 78 - Insurance  

Subdivision 78-A - Insurers  

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 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 insurer.

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