Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 78.18

             (1)  An insurer has an increasing adjustment if:

                     (a)  there is a payment of an excess to the insurer under an * insurance policy; and

                     (b)  the insurer makes, or has made, payments or supplies in settlement of a claim under the policy; and

                     (c)  the insurer makes, or has made, * creditable acquisitions or * creditable importations directly for the purpose of settling the claim.

             (2)  The amount of the increasing adjustment is 1 / 11 of the amount that represents the extent to which the payment of excess relates to * creditable acquisitions and * creditable importations made by the insurer directly for the purpose of settling the claim.

             (3)  An insurer has an increasing adjustment if:

                     (a)  there is a payment of an excess to the insurer under an * insurance policy; and

                     (b)  the insurer makes, or has made, * creditable acquisitions or * creditable importations directly for the purpose of settling the claim; and

                     (c)  the insurer has not made any payments or supplies in settlement of the claim.

The amount of the increasing adjustment is 1 / 11 of the amount of the payment of the excess.