A New Tax System (Goods and Services Tax) Act 1999
79‑60 Effect of settlements and payments79‑60 Effect of settlements and payments under compulsory third party schemes
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79‑60 Effect of settlements and payments under compulsory third party schemes
(1) If an *operator of a *compulsory third party scheme makes a payment under the scheme, it is not treated as *consideration: (a) for an acquisition made by the operator; or (b) for a supply made to the operator by the entity to whom the payment was made; to the extent that the payment is a *CTP compensation or ancillary payment or supply. (2) If an *operator of a *compulsory third party scheme makes a supply under the scheme: (a) it is not a *taxable supply; and (b) it is not treated as *consideration for an acquisition made by the operator; and (c) it is not treated as *consideration for a supply made to the operator by the entity to whom the supply was made; to the extent that the supply is a *CTP compensation or ancillary payment or supply. (3) This section has effect despite section 9‑5 (which is about what are taxable supplies), section 9‑15 (which is about consideration) and section 11‑5 (which is about what is a creditable acquisition).