Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 79.15

  (1)   This section applies to a payment or supply if:

  (a)   it is a payment or supply made under a * compulsory third party scheme; and

  (b)   the payment or supply is made in settlement of a claim under an * insurance policy; and

  (c)   there is only one * operator who issues insurance policies under the scheme; and

  (d)   assuming the requirements of paragraph   78 - 10(2)(b) were satisfied, the operator would have a * decreasing adjustment under section   78 - 10 in respect of the payment or supply; and

  (e)   an election under subsection   (4) is in force during the * financial year in which the payment or supply is made.

  (2)   For the purposes of section   78 - 10, the * operator has a * decreasing adjustment under that section in relation to the payment or supply.

  (3)   Section   78 - 15 does not apply to the * decreasing adjustment, but its amount is instead worked out using the applicable * average input tax credit fraction (see section   79 - 95).

  (4)   The * operator may, in writing, elect that, from the start of a specified * financial year, any * decreasing adjustment in relation to all payments or supplies:

  (a)   that are made during the financial year; and

  (b)   to which paragraphs   (1)(a), (b), (c) and (d) apply;

are to be worked out using the applicable * average input tax credit fraction.

  (5)   Subject to subsection   (6), the election must be made before the start of the specified * financial year.

  (6)   Subsection   (5) does not apply if the election specifies the * financial year beginning on 1   July 2003 and is made before the end of 30 days after the day on which this section commences.

  (7)   The election is in force during the specified * financial year and every later financial year, other than one that begins after a financial year in which the election is revoked.