Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX TRANSITION) ACT 1999 - SECT 23

  (1)   You are not entitled to an input tax credit for:

  (a)   a premium, contribution or similar payment made under, or a levy paid in connection with, a compulsory third party scheme, if the premium, contribution or similar payment relates to a period commencing before 1   July 2003; or

  (b)   a premium paid, in respect of a period of cover commencing before 1   July 2003, on an insurance policy issued under a compulsory third party scheme.

  (1AA)   It does not matter, for the purposes of subsection   ( 1), whether the payment occurred before, on or after 1   July 2003.

  (1A)   If, because of subsection   ( 1), you are not entitled to an input tax credit for an acquisition you make, section   29 - 70 of the GST Act (which is about tax invoices) does not apply in relation to the supply to which the acquisition relates.

  (2)   A compulsory third party scheme is:

  (a)   a statutory compensation scheme; or

  (b)   a scheme or arrangement, established by an Australian law, under which insurance policies are issued;

that is specified in the regulations, or that is of a kind specified in the regulations.