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  


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  

78-30   Acquisitions by insurers in the course of settling claims under non-taxable policies  


An acquisition is not a * creditable acquisition if:

(a) the insurer makes the acquisition:

(i) to the extent that the acquisition is an acquisition of goods - solely for the purpose of supplying the goods in the course of settling a claim under an * insurance policy ; or

(ii) otherwise - solely for a purpose directly related to settling a particular claim under an * insurance policy ; and

(b) the supply of the insurance policy by the insurer was * GST-free .

This section has effect despite section 11-5 (which is about what is a creditable acquisition).

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