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

Schedule 3   Income Tax Assessment Act 1997

Part 1   General

44   At the end of section 330-490

Add:

(3) If:

(a) the sale or disposal of the property is a *taxable supply; or

(b) receipt under an insurance policy of the amount or value in respect of the loss or destruction of the property is or would be a taxable supply;

the termination value of the property does not include an amount equal to the *GST payable on the supply.