A New Tax System (Goods and Services Tax) Act 1999
Note:Division 79 - Compulsory third party schemes Subdivision 79-C - Other payments and supplies under compulsory third party schemes 79-60 Effect of settlements and payments under compulsory third party schemes (1)
If an * operator of a * compulsory third party scheme makes a payment under the scheme, it is not treated as * consideration :
(a) for an acquisition made by the operator; or
(b) for a supply made to the operator by the entity to whom the payment was made;
to the extent that the payment is a * CTP compensation or ancillary payment or supply .(2)
If an * operator of a * compulsory third party scheme makes a supply under the scheme:
(a) it is not a * taxable supply ; and
(b) it is not treated as * consideration for an acquisition made by the operator; and
(c) it is not treated as * consideration for a supply made to the operator by the entity to whom the supply was made;
to the extent that the supply is a * CTP compensation or ancillary payment or supply .(3)
This section has effect despite section 9-5 (which is about what are taxable supplies), section 9-15 (which is about consideration) and section 11-5 (which is about what is a creditable acquisition).
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