Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 79.50

  (1)   An * operator of a * compulsory third party scheme has a decreasing adjustment if the operator makes a * CTP compensation or ancillary payment or supply under the scheme.

  (2)   However, this section only applies if:

  (a)   the payments of * CTP premium to the * operator that have been or are required to be made under the scheme are, or would be, * consideration for a * taxable supply; and

  (b)   the * operator is * registered or * required to be registered.

  (3)   The * decreasing adjustment in relation to the payment or supply is worked out using the applicable * average input tax credit fraction (see section   79 - 95).