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  

80-5   Meaning of insurance policy settlement sharing arrangement etc.  

Meaning of insurance policy settlement sharing arrangement

(1)    
An insurance policy settlement sharing arrangement is an arrangement:

(a) that relates to an accident or other incident or 2 or more related accidents or other incidents; and

(b) to which the parties are the * operator s of a * compulsory third party scheme or schemes who have issued * insurance policies to persons involved in the accidents or incidents; and

(c) under which:

(i) one party (the managing operator ) is to make one or more payments or supplies in settlement of a claim, under the compulsory third party scheme or one of the compulsory third party schemes, relating to the accidents or incidents; and

(ii) each other party (a contributing operator ) is to make a payment to the * managing operator in respect of that operator settling the claim.

Meaning of managing operator ' s payment or supply

(2)    
If a payment or supply mentioned in subparagraph (1)(c)(i) is not a * CTP ancillary payment or supply , it is a managing operator ' s payment or supply .

Meaning of contributing operator ' s payment

(3)    
A payment mentioned in subparagraph (1)(c)(ii), to the extent that it is not a fee to the * managing operator for managing the process of making settlements under the arrangement, is a contributing operator ' s payment .