Taxation Laws Amendment Act (No. 8) 2000 (156 of 2000)

Schedule 6   Other amendments

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

25A   At the end of Subdivision 78-A

Add:

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.