Taxation Laws Amendment Act (No. 8) 2000 (156 of 2000)
Schedule 6 Other amendments
A New Tax System (Goods and Services Tax) Act 1999
25A At the end of Subdivision 78-A
Add:
78-42 Adjustment events relating to increasing adjustments under section 78-18
Division 19 applies in relation to an*increasing adjustment that an insurer has under section 78-18 as if:
(a) payments of excess under an*insurance policy to which the adjustment relates were*consideration for a*taxable supply that the insurer made; and
(b) the adjustment were the GST payable on the taxable supply; and
(c) any refund of that payment of excess made by the insurer were a reduction in the consideration for the supply.
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