A New Tax System (Goods and Services Tax) Act 1999

Chapter 4 - The special rules  

Part 4-2 - Special rules mainly about supplies and acquisitions  

Note:

The special rules in this Part mainly modify the operation of Part 2-2 , but they may affect other Parts of Chapter 2 in minor ways.

Division 78 - Insurance  

Subdivision 78-A - Insurers  

78-42   Adjustment events relating to increasing adjustments under section 78-18  

Division 19 applies in relation to an * increasing adjustment that an insurer has under section 78-18 as if:

(a) payments of excess under an * insurance policy to which the adjustment relates were * consideration for a * taxable supply that the insurer made; and

(b) the adjustment were the GST payable on the taxable supply; and

(c) any refund of that payment of excess made by the insurer were a reduction in the consideration for the supply.