A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 (177 of 1999)

Schedule 2   Indirect tax transition

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

21   Section 23

Repeal the section, substitute:

23 Input tax credits relating to compulsory third party schemes

(1) You are not entitled to an input tax credit for:

(a) a premium, contribution or similar payment made under, or a levy paid in connection with, a compulsory third party scheme before 1 July 2003; or

(b) a premium paid, before 1 July 2003, on an insurance policy issued under a compulsory third party scheme.

(2) A compulsory third party scheme is:

(a) a statutory compensation scheme; or

(b) a scheme or arrangement, established by an Australian law, under which insurance policies are issued;

that is specified in the regulations, or that is of a kind specified in the regulations.