A New Tax System (Goods and Services Tax) Act 1999
Note:Division 79 - Compulsory third party schemes 79-1 What this Division is about
Operators of compulsory third party schemes have adjustments which enable the net GST on the schemes to reflect correctly their margins after settlements of claims and other payments and supplies under the schemes are taken into account.
The normal application of Division 78 to some insurance policy payments and supplies under the schemes is modified (see Subdivision 79-A ). That Division is also extended so that it applies in a modified form to payments and supplies connected with, but not under, insurance policies (see Subdivision 79-B ). For other settlements, and payments, provisions similar to Division 78 apply (see Subdivision 79-C ). Certain adjustments are worked out using an " applicable average input tax credit fraction " (see Subdivision 79-D ).
Division 80 deals with use of settlement sharing arrangements by the operators of compulsory third party schemes.
Table of Subdivisions
|79-A||Modified application of Division 78 to certain compulsory third party scheme payments and supplies under insurance policies|
|79-B||Extension of Division 78 to cover certain compulsory third party scheme payments and supplies connected with, but not under, insurance policies|
|79-C||Other payments and supplies under compulsory third party schemes|
|79-D||Compulsory third party scheme decreasing adjustments worked out using applicable average input tax credit fraction|