This information is for insurers. It will help you complete the goods and services tax (GST) section of your activity statement.
This information will help insurers complete the goods and services tax (GST) section of their 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 the activity statement.
See also:
- GST and insurance
- GST and co-insurance arrangements
- GSTR 2006/10 Goods and services tax: insurance settlements and entitlement to input tax credits
Notes to using this information
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.
All division and section references used in this information 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 2006/10 Goods and services tax: insurance settlements and entitlements to input tax credits are met.