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

Meaning of CTP compensation or ancillary payment or supply etc.

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.



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