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A New Tax System (Goods and Services Tax) Act 1999
78‑20 Settlements of insurance claims do78‑20 Settlements of insurance claims do not give rise to creditable acquisitions
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78‑20 Settlements of insurance claims do not give rise to creditable acquisitions
(1) If, in settlement of a claim under an *insurance policy, an insurer makes one or more of the following: (a) a payment of *money; (b) a payment of *digital currency; (c) a supply; the payment or supply is not treated as *consideration for an acquisition made by the insurer. (2) This section has effect despite section 11‑5 (which is about what is a creditable acquisition).