A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)
Schedule 1 Indirect Tax Acts
Part 1 Amendment of the A New Tax System (Goods and Services Tax) Act 1999
130 After section 188-20
188-22 Settlements of insurance claims to be disregarded
In working out your *current annual turnover or your *projected annual turnover, disregard any supply that you have made to the extent that the *consideration for the supply is a payment of *money, or a supply, by an insurer in settlement of a claim under an *insurance policy.
Note: Under Subdivision 78-B, your settlements of insurance claims can be treated as constituting supplies by insured entities.