Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 78.18

  (1)   An insurer has an increasing adjustment if:

  (a)   there is a payment of an excess to the insurer under an * insurance policy; and

  (b)   the insurer makes, or has made, payments or supplies in settlement of a claim under the policy; and

  (c)   the insurer makes, or has made, * creditable acquisitions or * creditable importations directly for the purpose of settling the claim.

  (2)   The amount of the increasing adjustment is 1 / 11 of the amount that represents the extent to which the payment of excess relates to * creditable acquisitions and * creditable importations made by the insurer directly for the purpose of settling the claim.

  (3)   An insurer has an increasing adjustment if:

  (a)   there is a payment of an excess to the insurer under an * insurance policy; and

  (b)   the insurer makes, or has made, * creditable acquisitions or * creditable importations directly for the purpose of settling the claim; and

  (c)   the insurer has not made any payments or supplies in settlement of the claim.

The amount of the increasing adjustment is 1 / 11 of the amount of the payment of the excess.