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 79 - Compulsory third party schemes  

Subdivision 79-C - Other payments and supplies under compulsory third party schemes  

79-35   Meaning of CTP compensation or ancillary payment or supply etc.  

Meaning of CTP compensation or ancillary payment or supply

(1)    
A payment or supply is a CTP compensation or ancillary payment or supply if it is a * CTP compensation payment or supply or a * CTP ancillary payment or supply .

Meaning of CTP compensation payment or supply

(2)    
A payment or supply is a CTP compensation payment or supply if

(a) it is a payment or supply made under a * compulsory third party scheme ; and

(b) it is a payment or supply made in settlement of a claim for compensation under the scheme; and

(c) it is not the case that the * operator making the payment or supply was required to do so by law because of the bankruptcy or insolvency of another operator who is an insurer; and

(d) Division 78 does not apply in relation to the payment or supply; and

(e) the payment or supply is not a * CTP dual premium or election payment or supply or a * CTP hybrid payment or supply .

Meaning of CTP ancillary payment or supply

(3)    
A payment or supply is a CTP ancillary payment or supply if:

(a) the payment or supply is made under a * compulsory third party scheme ; and

(b) the payment or supply is of a kind specified in the regulations; and

(c) it is not the case that the * operator making the payment or supply was required to do so by law because of the bankruptcy or insolvency of another operator who is an insurer; and

(d) Division 78 does not apply in relation to the payment or supply; and

(e) the payment or supply is not a * CTP dual premium or election payment or supply or a * CTP hybrid payment or supply ; and

(f) the payment or supply is not made in settlement of a claim for compensation under the scheme; and

(g) the payment or supply is not * consideration for a * creditable acquisition .