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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 78.40

Adjustment events relating to decreasing adjustments under this Division

             (1)  Division 19 applies in relation to a * decreasing adjustment that an insurer has under this Division as if:

                     (a)  the adjustment were an input tax credit; and

                     (b)  the settlement of the claim to which the adjustment relates were a * creditable acquisition that the insurer made; and

                     (c)  any payment or supply made by another entity, in settlement of a claim made by an insurer in the insurer's exercising of rights of subrogation in respect of the * insurance policy in question, were a reduction in the * consideration for the acquisition.

             (2)  Paragraph (1)(c) does not apply to a payment by another entity in relation to which an * increasing adjustment arises under section 80-30 or 80-70 (which are about settlement sharing arrangements).



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