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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 78.80

Net amounts

  (1)   If an entity insured under an * insurance policy is not * registered or * required to be registered, it does not have a * net amount under Part   2 - 4 merely because it makes a * taxable supply under section   78 - 50.

  (2)   This section does not prevent an * adjustment arising that relates to such a supply, but the entity cannot have a * decreasing adjustment unless it is * registered or * required to be registered.

  (3)   This section has effect despite Division   17 (which is about net amounts and adjustments).


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