A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)

Schedule 1   Indirect Tax Acts

Part 1   Amendment of the A New Tax System (Goods and Services Tax) Act 1999

130   After section 188-20

Insert:

188-22 Settlements of insurance claims to be disregarded

In working out your *current annual turnover or your *projected annual turnover, disregard any supply that you have made to the extent that the *consideration for the supply is a payment of *money, or a supply, by an insurer in settlement of a claim under an *insurance policy.

Note: Under Subdivision 78-B, your settlements of insurance claims can be treated as constituting supplies by insured entities.