Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 78.30

Acquisitions by insurers in the course of settling claims under non-taxable policies

             (1)  An acquisition is not a * creditable acquisition if:

                     (a)  the insurer makes the acquisition:

                              (i)  to the extent that the acquisition is an acquisition of goods--solely for the purpose of supplying the goods in the course of settling a claim under an * insurance policy; or

                             (ii)  otherwise--solely for a purpose directly related to settling a particular claim under an * insurance policy; and

                     (b)  the supply of the insurance policy by the insurer was * GST-free.

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



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