Treasury Laws Amendment (2017 Measures No. 6) Act 2017 (118 of 2017)

Schedule 1   GST treatment of digital currency

A New Tax System (Goods and Services Tax) Act 1999

8   Subsection 78-35(1)

Repeal the subsection, substitute:

(1) If, in settlement of a claim made by an insurer in the insurer's exercising of rights of subrogation in respect of an *insurance policy, an entity that is not insured under the policy 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 a supply made by the insurer (whether or not the payment or supply is made to the insurer) or by the entity insured.