Treasury Laws Amendment (2017 Measures No. 6) Act 2017 (118 of 2017)

Schedule 1   GST treatment of digital currency

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

9   Subsection 78-45(1)

Repeal the subsection, substitute:

(1) If, in settlement of a claim under an *insurance policy, an insurer makes one or more of the following:

(a) a payment of *money;

(b) a payment of *digital currency;

(c) a supply;

the payment or supply is not treated as *consideration for a supply made by the entity insured, or by any entity (other than the entity insured) that was entitled to an input tax credit for the premium paid for the insurance policy.