Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 78.80

Net amounts

             (1)  If an entity insured under an * insurance policy is not * registered or * required to be registered, it does not have a * net amount under Part 2-4 merely because it makes a * taxable supply under section 78-50.

             (2)  This section does not prevent an * adjustment arising that relates to such a supply, but the entity cannot have a * decreasing adjustment unless it is * registered or * required to be registered.

             (3)  This section has effect despite Division 17 (which is about net amounts and adjustments).



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