Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 79.55

  (1)   An * operator of a * compulsory third party scheme has an increasing adjustment if:

  (a)   there is a payment of an excess to the operator under the scheme; and

  (b)   the payment relates to a * CTP compensation payment or supply that the operator makes or has made; and

  (c)   the operator makes, or has made, * creditable acquisitions or * creditable importations directly for the purpose of making the CTP compensation payment or supply.

  (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 or * creditable importations made by the * operator directly for the purpose of making the * CTP compensation payment or supply.

  (3)   An * operator of a * compulsory third party scheme has an increasing adjustment if:

  (a)   there is a payment of an excess to the operator under the scheme; and

  (b)   the operator makes, or has made, * creditable acquisitions or * creditable importations directly for the purpose of making a * CTP compensation payment or supply to which the payment of excess would relate; and

  (c)   the operator has not made any CTP compensation payment or supply to which the payment of excess relates.

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