Commonwealth Consolidated Acts

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Adjustment events relating to decreasing adjustments for operators of compulsory third party schemes

             (1)  Division 19 applies in relation to a * decreasing adjustment that an * operator of a * compulsory third party scheme has under section 79-50 as if:

                     (a)  the adjustment were an input tax credit; and

                     (b)  either:

                              (i)  if the adjustment relates to a * CTP compensation payment or supply--the settlement of the claim to which the adjustment relates were a * creditable acquisition that the operator made; or

                             (ii)  if the adjustment relates to a * CTP ancillary payment or supply--the operator had made a creditable acquisition for which the payment or supply was the * consideration; and

                     (c)  any payment or supply made by another entity, in settlement of a claim made by the operator in exercising rights to recover from the other entity in respect of the settlement mentioned in subparagraph (b)(i) or the payment or supply mentioned in subparagraph (b)(ii), were a reduction in the consideration for the acquisition.

             (2)  Paragraph (1)(c) does not apply to a payment by another entity in relation to which an * increasing adjustment arises under section 80-30 or 80-70 (which are about settlement sharing arrangements).

             (3)  This section does not apply in relation to a payment or supply that the operator receives in settlement of a claim under an * insurance policy that the operator entered into, as the entity insured, in relation to any liability to make a * CTP compensation or ancillary payment or supply.

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