A New Tax System (Goods and Services Tax) Act 1999
Note:Division 80 - Settlement sharing arrangements Subdivision 80-A - Insurance policy settlement sharing arrangements 80-5 Meaning of insurance policy settlement sharing arrangement etc. (1)
An insurance policy settlement sharing arrangement is an arrangement:
(a) that relates to an accident or other incident or 2 or more related accidents or other incidents; and
(b) to which the parties are the * operator s of a * compulsory third party scheme or schemes who have issued * insurance policies to persons involved in the accidents or incidents; and
(c) under which:
(i) one party (the managing operator ) is to make one or more payments or supplies in settlement of a claim, under the compulsory third party scheme or one of the compulsory third party schemes, relating to the accidents or incidents; and
(ii) each other party (a contributing operator ) is to make a payment to the * managing operator in respect of that operator settling the claim.
If a payment or supply mentioned in subparagraph (1)(c)(i) is not a * CTP ancillary payment or supply , it is a managing operator ' s payment or supply . Meaning of contributing operator ' s payment (3)
A payment mentioned in subparagraph (1)(c)(ii), to the extent that it is not a fee to the * managing operator for managing the process of making settlements under the arrangement, is a contributing operator ' s payment .
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.