Document ID: chunk:federal_register_of_legislation:C2010C00583:clause:11_18:p6
Version: federal_register_of_legislation:C2010C00583
Segment Type: clause
Provision Reference: sch 11 cl 18 (pt 6/18)
Character Range: 116399–119044

in relation to the payment or supply; and
 (e) the payment or supply is not a *CTP dual premium or election payment or supply or a *CTP hybrid payment or supply.

Meaning of CTP ancillary payment or supply

 (3) A payment or supply is a CTP ancillary payment or supply if:
 (a) the payment or supply is made under a *compulsory third party scheme; and
 (b) the payment or supply is of a kind specified in the regulations; and
 (c) it is not the case that the *operator making the payment or supply was required to do so by law because of the bankruptcy or insolvency of another operator who is an insurer; and
 (d) Division 78 does not apply in relation to the payment or supply; and
 (e) the payment or supply is not a*CTP dual premium or election payment or supply or a *CTP hybrid payment or supply; and
 (f) the payment or supply is not made in settlement of a claim for compensation under the scheme; and
 (g) the payment or supply is not *consideration for a *creditable acquisition.

79‑40  GST on CTP premiums is exclusive of stamp duty

 (1) The *value of a *taxable supply for which the *consideration includes an amount of *CTP premium is worked out as if the *price of the supply were reduced by the amount of any stamp duty payable under a *State law or *Territory law in respect of the supply.

 (2) This section has effect despite section 9‑75 (which is about the value of taxable supplies).

79‑45  Exclusion of certain compulsory third party schemes

  This Subdivision (other than section 79‑40) does not apply to a *compulsory third party scheme under which *CTP compensation or ancillary payments or supplies are made, or to a *CTP compensation or ancillary payment or supply, if the compulsory third party scheme is of a kind specified in the regulations.

79‑50  Decreasing adjustments for CTP compensation or ancillary payments or supplies

 (1) An *operator of a *compulsory third party scheme has a decreasing adjustment if the operator makes a *CTP compensation or ancillary payment or supply under the scheme.

 (2) However, this section only applies if:
 (a) the payments of *CTP premium that have been or are required to be made under the scheme are, or would be, *consideration for a *taxable supply; and
 (b) the *operator is *registered or *required to be registered.

 (3) The *decreasing adjustment in relation to the payment or supply is worked out using the applicable *average input tax credit fraction (see section 79‑95).

79‑55  Increasing adjustments for payments of excess etc. under compulsory third party schemes

 (1) An *operator of a *compulsory third party scheme has an increasing adjustment