Tax Laws Amendment (Retirement Villages) Act 2004 (143 of 2004)

Schedule 1   Tax Laws Amendment (Retirement Villages) Act 2004

Part 2   Application provisions

17   Application of section 78-50 of the GST Act

Section 78-50 of the GST Act does not apply to a payment or supply made in settlement of a claim under an insurance policy if:

(a) the entity that paid all or a part of the premium for the insurance policy had, at or before the time referred to in subparagraph 78-50(1)(c)(i) of the GST Act, informed the insurer of the entitlement to an input tax credit for the premium it paid; and

(b) in so informing the insurer, the entity did not, at that time, understate the extent of the entitlement; and

(c) because of the amendments of the GST Act made by this Act, the statement of the extent of the entitlement is now an understatement of the entitlement.