Insurers and GST - completing your activity statement
This information will help you complete the goods and services tax (GST) section of your activity statement. It includes a series of examples illustrating how to treat an insured event occurring on or after 1 July 2000, and how to complete your activity statement.
Colour-coded flowcharts are used to show the transactions associated with each example. The flowcharts show:
- acquisitions in red
- settlements and decreasing adjustments in green
- policy premiums in blue
- excess payments in pink
- increasing adjustments in grey
- subrogation and recoveries in dark red.
The following abbreviations are used in this guide.
DA - decreasing adjustment
IA - increasing adjustment
FSL - fire service levy
ITC - input tax credits
All division and section references used in this guide are to A New Tax System (Goods and Services Tax) Act 1999.
It is assumed in the examples that where you (the insurer) contract with a supplier, the requirements of GSTR 2006/10External Link Goods and services tax: insurance settlements and entitlements to input tax credits are met.