A New Tax System (Goods and Services Tax) Act 1999
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 80 - Settlement sharing arrangements Subdivision 80-A - Insurance policy settlement sharing arrangements 80-30 Managing operator ' s increasing adjustment where contributing operator ' s payment (1)
(a) a * contributing operator ' s payment is made; and
(b) as a result of section 80-20 , there was a * decreasing adjustment for the * managing operator under Division 78 or 79 in relation to the * managing operator ' s payment or supply ;
there is an increasing adjustment for the managing operator of the following amount:
Managing operator ' s settlement
amount (see subsection (2))
|× *Decreasing adjustment|
The managing operator ' s settlement amount mentioned in subsection (1) is worked out using this method statement. Method statement
If, in relation to the * managing operator ' s payment or supply , any payments of an excess were made to the * managing operator , subtract from the step 1 amount the sum of all those payments (except to the extent that they are payments of excess to which section 78-18 or 79-55 applies).
Assume the same facts as in the examples in sections 80-20 and 80-25 . Assume also that, as a result of section 80-20 , there was a decreasing adjustment under Division 78 or 79 for the managing operator ' s payment or supply.
The managing operator has an increasing adjustment. It equals the part of the decreasing adjustment that is attributable to the managing operator ' s payment or supply that was repaid by the contributing operator ' s contribution.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.