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

Schedule 6   Indirect Tax Transition Acts

A New Tax System (Goods and Services Tax Transition) Act 1999

12   Section 23

Repeal the section, substitute:

23 Input tax credits for insurance premiums

(1) You are not entitled to an input tax credit for a premium paid on an insurance policy before 1 July 2003 unless:

(a) you are registered; and

(b) you have notified the Commissioner, in the approved form, that you intend to claim all input tax credits for which you are entitled for payments of the premiums on insurance policies before 1 July 2003; and

(c) the policy commences on or after the day on which your notification takes effect.

(2) You may only notify the Commissioner once, and you may not revoke your notification.

(3) You may only notify the Commissioner:

(a) before you become registered; or

(b) at the time that you lodge a GST return.

(4) Your notification takes effect on:

(a) if you notified the Commissioner before you became registered - the date of effect of your registration; or

(b) if you notified the Commissioner at the time that you lodged a GST return - the day after the day on which you lodged the GST return.