A New Tax System (Goods and Services Tax) Act 1999
Note:Division 78 - Insurance Subdivision 78-A - Insurers 78-20 Settlements of insurance claims do not give rise to creditable acquisitions (1)
If, in settlement of a claim under an *insurance policy, an insurer makes one or more of the following:
(a) a payment of *money;
(b) a payment of *digital currency;
(c) a supply;
the payment or supply is not treated as *consideration for an acquisition made by the insurer.
This section has effect despite section 11-5 (which is about what is a creditable acquisition).
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