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-D - Insured entities that are not registered etc.  

78-80   Net amounts  

(1)    
If an entity insured under an * insurance policy is not * registered or * required to be registered , it does not have a * net amount under Part 2-4 merely because it makes a * taxable supply under section 78-50 .

(2)    
This section does not prevent an * adjustment arising that relates to such a supply, but the entity cannot have a * decreasing adjustment unless it is * registered or * required to be registered .

(3)    
This section has effect despite Division 17 (which is about net amounts and adjustments).