CTHIn ForceAct
A New Tax System (Goods and Services Tax) Act 1999
78‑80 Net amounts78‑80 Net amounts
Start here
Get a plain-English read of 78‑80 Net amounts
Turn the raw legal text into a practical explanation grounded in A New Tax System (Goods and Services Tax) Act 1999.
78‑80 Net amounts
(1) If an entity insured under an *insurance policy is not *registered or *required to be registered, it does not have a *net amount under Part 2‑4 merely because it makes a *taxable supply under section 78‑50. (2) This section does not prevent an *adjustment arising that relates to such a supply, but the entity cannot have a *decreasing adjustment unless it is *registered or *required to be registered. (3) This section has effect despite Division 17 (which is about net amounts and adjustments).