Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX TRANSITION) ACT 1999 - SECT 22

  (1)   The settlement of an insurance claim does not give rise to any adjustment, and is not a taxable supply, under Division   78 of the GST Act to the extent that the event giving rise to the claim happened before 1   July 2000.

  (2)   However, if:

  (a)   the claim relates to an insurance policy covering a period that started before 1   July 2000 and ends after that day; and

  (b)   it cannot be ascertained whether the event giving rise to the claim happened before 1   July 2000;

subsection   ( 1) does not apply, and the settlement does not give rise to any adjustment, and is not a taxable supply, under Division   78 of the GST Act if the claim was made before 1   July 2000.

  (3)   The settlement of a claim for compensation does not give rise to any adjustment, and is not a taxable supply, under Division   79 or 80 of the GST Act to the extent that the event giving rise to the claim happened before 1   July 2000.

  (4)   However, if:

  (a)   the claim is one mentioned in section   79 - 25 of the GST Act and the insurance policy concerned covers a period that started before 1   July 2000 and ends after that day; and

  (b)   it cannot be ascertained whether the event giving rise to the claim happened before 1   July 2000;

subsection   ( 3) does not apply and the settlement does not give rise to any adjustment, and is not a taxable supply, under Division   79 or 80 of the GST Act if the claim was made before 1   July 2000.