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  

79-60   Effect of settlements and payments under compulsory third party schemes  

(1)    
If an * operator of a * compulsory third party scheme makes a payment under the scheme, it is not treated as * consideration :

(a) for an acquisition made by the operator; or

(b) for a supply made to the operator by the entity to whom the payment was made;

to the extent that the payment is a * CTP compensation or ancillary payment or supply .

(2)    
If an * operator of a * compulsory third party scheme makes a supply under the scheme:

(a) it is not a * taxable supply ; and

(b) it is not treated as * consideration for an acquisition made by the operator; and

(c) it is not treated as * consideration for a supply made to the operator by the entity to whom the supply was made;

to the extent that the supply is a * CTP compensation or ancillary payment or supply .

(3)    
This section has effect despite section 9-5 (which is about what are taxable supplies), section 9-15 (which is about consideration) and section 11-5 (which is about what is a creditable acquisition).