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

Chapter 4 - The special rules  

Part 4-2 - Special rules mainly about supplies and acquisitions  

Note:

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 78 - Insurance  

Subdivision 78-E - Statutory compensation schemes  

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History

Subdiv 78-E inserted by No 177 of 1999, s 3 and Sch 1 item 95, effective 1 July 2000.

78-105   Meaning of statutory compensation scheme  

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A statutory compensation scheme is a scheme or arrangement:

(a) that is established by an * Australian law ; and

(b) under which compensation is payable for particular kinds of injury, loss or damage; and

(c) that is specified in the regulations, or that is of a kind specified in the regulations;

but does not include a * compulsory third party scheme .

Note:

Divisions 79 and 80 deal with compulsory third party schemes.

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History

S 78-105 amended by No 67 of 2003, s 3 and Sch 11 item 16, by inserting ``; but does not include a *compulsory third party scheme'' and the note, applicable in relation to net amounts for tax periods starting on or after 1 July 2000.

No 67 of 2003, Sch 11 item 17, contains the following saving provision:

`` Saving of existing regulations

The amendment of section 78-105 of the A New Tax System (Goods and Services Tax) Act 1999 by this Schedule does not affect the validity of regulations made for the purposes of that section, to the extent that the regulations do not relate to compulsory third party schemes.''

S 78-105 inserted by No 177 of 1999, s 3 and Sch 1 item 95, effective 1 July 2000.

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