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A NEW TAX SYSTEM (GOODS AND SERVICES TAX TRANSITION) ACT 1999No. 57, 1999 - SECT 22
Insured event before 1 July 2000
(1) The settlement of an insurance claim is not a taxable supply to the extent
that the event giving rise to the claim happened before 1 July 2000.
(2) However, if:
(a) the claim relates to an insurance policy covering a
period that started before 1 July 2000 and ends after that day; and
(b) it cannot be ascertained whether the event giving rise to the claim
happened before 1 July 2000;
subsection (1) does not apply, and the
settlement is not a taxable supply if the claim was made before 1 July
2000.
(3) You are not entitled to an input tax credit for an insurance claim you pay
to the extent that the event giving rise to the claim happened before 1 July
2000.
(4) However, if:
(a) the claim relates to an insurance policy covering a
period that started before 1 July 2000 and ends after that day; and
(b) it cannot be ascertained whether the event giving rise to the claim
happened before 1 July 2000;
subsection (3) does not apply, and you
are not entitled to an input tax credit for the claim you pay if the
claim was made before 1 July 2000.
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