Document ID: chunk:federal_register_of_legislation:C2006C00496:clause:8_2
Version: federal_register_of_legislation:C2006C00496
Segment Type: clause
Provision Reference: sch 8 cl 2
Character Range: 62629–63464

2  Subsection 78‑15(4) (method statement)
Repeal the method statement, substitute:

      Method statement
           Step 1. Add together:

                (a) the sum of the payments of *money (if any) made in settlement of the claim; and
                (b) the *GST inclusive market value of the supplies (if any) made by the insurer in settlement of the claim (other than supplies that would have been *taxable supplies but for section 78‑25).

           Step 2. If any payments of excess were made to the insurer under the *insurance policy in question, subtract from the step 1 amount the sum of all those payments.
           Step 3. Multiply the step 1 amount, or (if step 2 applies) the step 2 amount, by the following:

            where:
            extent of input tax credit has the meaning given by subsection (2).