Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 79.35

Meaning of CTP compensation or ancillary payment or supply

  (1)   A payment or supply is a CTP compensation or ancillary payment or supply if it is a * CTP compensation payment or supply or a * CTP ancillary payment or supply.

Meaning of CTP compensation payment or supply

  (2)   A payment or supply is a CTP compensation payment or supply if

  (a)   it is a payment or supply made under a * compulsory third party scheme; and

  (b)   it is a payment or supply made in settlement of a claim for compensation under the scheme; and

  (c)   it is not the case that the * operator making the payment or supply was required to do so by law because of the bankruptcy or insolvency of another operator who is an insurer; and

  (d)   Division   78 does not apply in relation to the payment or supply; and

  (e)   the payment or supply is not a * CTP dual premium or election payment or supply or a * CTP hybrid payment or supply.

Meaning of CTP ancillary payment or supply

  (3)   A payment or supply is a CTP ancillary payment or supply if:

  (a)   the payment or supply is made under a * compulsory third party scheme; and

  (b)   the payment or supply is of a kind specified in the regulations; and

  (c)   it is not the case that the * operator making the payment or supply was required to do so by law because of the bankruptcy or insolvency of another operator who is an insurer; and

  (d)   Division   78 does not apply in relation to the payment or supply; and

  (e)   the payment or supply is not a * CTP dual premium or election payment or supply or a * CTP hybrid payment or supply; and

  (f)   the payment or supply is not made in settlement of a claim for compensation under the scheme; and

  (g)   the payment or supply is not * consideration for a * creditable acquisition.