Taxation Laws Amendment Act (No. 6) 2001 (169 of 2001)

Schedule 5   HIH rescue package

Part 2   Goods and services tax consequences

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

10   At the end of Subdivision 78-F

Add:

78-120 HIH rescue package

(1) If a payment of *money, a supply or both a payment of money and a supply are received by an entity from an *HIH rescue entity as *consideration for:

(a) the entity transferring or surrendering rights under an *insurance policy held with an *HIH company; or

(b) the entity transferring or surrendering rights against another entity that is insured under an insurance policy held with an HIH company; or

(c) the entity transferring or surrendering rights against another entity in relation to a matter in relation to which the entity also has or had rights under an insurance policy held with an HIH company;

this Division (other than sections 78-10, 78-15 and 78-40) applies to the payment or supply as if the HIH rescue entity made the payment or supply as the insurer in settlement of a claim under the insurance policy.

(2) In particular:

(a) this Division (other than sections 78-10, 78-15 and 78-40, subsection 78-50(1) and this section) applies as if:

(i) references to an insurer were references to the *HIH rescue entity; and

(ii) references to a claim under an *insurance policy were references to a request or claim to the HIH rescue entity for such a payment or supply; and

(iii) references to a settlement of such a claim were references to the agreement to make such a payment or supply as consideration for the transfer or surrender; and

(b) sections 78-18, 78-42 and 78-55 apply as if references in those sections to payments of excess to the insurer under the policy were references to payments to the HIH rescue entity corresponding to such payments of excess; and

(c) section 78-30 applies as if references in that section to settling a claim were references to providing the consideration for the transfer or surrender; and

(d) section 78-100 applies as if references in that section to a claim for compensation under a *statutory compensation scheme were references to a claim made to the HIH rescue entity corresponding to a claim for compensation under the scheme.

(3) This section does not affect the operation of sections 78-10, 78-15 and 78-40.