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 79 - Compulsory third party schemes  

Subdivision 79-C - Other payments and supplies under compulsory third party schemes  

79-55   Increasing adjustments for payments of excess etc. under compulsory third party schemes  

(1)    
An * operator of a * compulsory third party scheme has an increasing adjustment if:

(a) there is a payment of an excess to the operator under the scheme; and

(b) the payment relates to a * CTP compensation payment or supply that the operator makes or has made; and

(c) the operator makes, or has made, * creditable acquisitions or * creditable importations directly for the purpose of making the CTP compensation payment or supply.

(2)    
The amount of the increasing adjustment is 1/11 of the amount that represents the extent to which the payment of excess relates to * creditable acquisition or * creditable importation made by the * operator directly for the purpose of making the * CTP compensation payment or supply .

(3)    
An * operator of a * compulsory third party scheme has an increasing adjustment if:

(a) there is a payment of an excess to the operator under the scheme; and

(b) the operator makes, or has made, * creditable acquisitions or * creditable importations directly for the purpose of making a * CTP compensation payment or supply to which the payment of excess would relate; and

(c) the operator has not made any CTP compensation payment or supply to which the payment of excess relates.

The amount of the increasing adjustment is 1/11 of the amount of the payment of excess.