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  

78-1   What this Division is about  

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Stamp duty is not included in working out the GST on insurance premiums. Insurers have decreasing adjustments which enable the net GST on insurance to reflect correctly their margins after settlements of claims are taken into account.

Note:

Payments and supplies under compulsory third party schemes are dealt with in some cases under this Division and in others under Division 79 or 80.

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History

S 78-1 amended by No 67 of 2003, s 3 and Sch 11 item 14, by inserting the note, applicable in relation to net amounts for tax periods starting on or after 1 July 2003.

S 78-1 substituted by No 177 of 1999, s 3 and Sch 1 item 89, effective 1 July 2000. S 78-1 formerly read:

78-1 What this Division is about  
Settlements of claims under insurance policies in most cases entitle insurers to input tax credits. Entities that are insured can be liable for GST on the settlement, but third parties paid under the settlement are not liable for GST.

Table of Subdivisions

78-A	Insurers
78-B	Insured entities etc.
78-C	Third parties
78-D	Insured entities that are not registered etc.
78-E	Statutory compensation schemes
78-F	Miscellaneous

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