Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 188.22

                   In working out your * current GST turnover or your * projected GST turnover, disregard any supply that you have made to the extent that the * consideration for the supply:

                     (a)  is a payment of * money or * digital currency, or a supply, by an insurer in settlement of a claim under an * insurance policy; or

                    (aa)  is a * CTP dual premium or election payment or supply, a * CTP hybrid payment or supply or a * CTP compensation or ancillary payment or supply; or

                     (b)  is a payment of money, or a supply, by an * HIH rescue entity in the circumstances referred to in subsection 78-120(1).

Note:          Under Subdivision 78-B, your settlements of insurance claims can be treated as constituting supplies by insured entities.