A New Tax System (Goods and Services Tax) Act 1999
Note:Division 80 - Settlement sharing arrangements Subdivision 80-A - Insurance policy settlement sharing arrangements 80-10 Effect of becoming parties to industry deeds or entering into settlement sharing arrangements (1)
An * operator of a * compulsory third party scheme does not make a * taxable supply by:
(a) entering into, or becoming a party to, an * insurance policy settlement sharing arrangement ; or
(b) becoming a party to a deed created by or under a * State law or a * Territory law establishing a * compulsory third party scheme , that provides for an insurance policy settlement sharing arrangement. (2)
This section has effect despite section 9-5 (which is about what are taxable supplies).
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