A New Tax System (Goods and Services Tax) Act 1999
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 79 - Compulsory third party schemes Subdivision 79-C - Other payments and supplies under compulsory third party schemes 79-35 Meaning of CTP compensation or ancillary payment or supply etc.Meaning of CTP compensation or ancillary payment or supply
(1)
A payment or supply is a CTP compensation or ancillary payment or supply if it is a * CTP compensation payment or supply or a * CTP ancillary payment or supply .
Meaning of CTP compensation payment or supply
(2)
A payment or supply is a CTP compensation payment or supply if
(a) it is a payment or supply made under a * compulsory third party scheme ; and
(b) it is a payment or supply made in settlement of a claim for compensation under the scheme; and
(c) it is not the case that the * operator making the payment or supply was required to do so by law because of the bankruptcy or insolvency of another operator who is an insurer; and
(d) Division 78 does not apply in relation to the payment or supply; and
(e) the payment or supply is not a * CTP dual premium or election payment or supply or a * CTP hybrid payment or supply .
Meaning of CTP ancillary payment or supply
(3)
A payment or supply is a CTP ancillary payment or supply if:
(a) the payment or supply is made under a * compulsory third party scheme ; and
(b) the payment or supply is of a kind specified in the regulations; and
(c) it is not the case that the * operator making the payment or supply was required to do so by law because of the bankruptcy or insolvency of another operator who is an insurer; and
(d) Division 78 does not apply in relation to the payment or supply; and
(e) the payment or supply is not a * CTP dual premium or election payment or supply or a * CTP hybrid payment or supply ; and
(f) the payment or supply is not made in settlement of a claim for compensation under the scheme; and
(g) the payment or supply is not * consideration for a * creditable acquisition .
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