Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 78.20

  (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 an acquisition made by the insurer.

  (2)   This section has effect despite section   11 - 5 (which is about what is a creditable acquisition).