Indirect Tax Legislation Amendment Act 2000 (92 of 2000)
Schedule 8 Insurance
A New Tax System (Goods and Services Tax) Act 1999
5 At the end of section 78-100
(3) However, if the entity treated as the entity insured:
(a) is liable to make payments referred to in paragraph (2)(c); and
(b) has not made all those payments;
for the purposes of sections 78-10 and 78-15, the entity's entitlement to an input tax credit for the premium paid is taken to be what its entitlement would have been if it had made all those payments.