Document ID: chunk:federal_register_of_legislation:C2025C00126:section:4:p23
Version: federal_register_of_legislation:C2025C00126
Segment Type: section
Provision Reference: s 4 (pt 23/42)
Character Range: 481127–483745

78‑10, the *operator has a *decreasing adjustment under that section in relation to the payment or supply.
 (3) Section 78‑15 does not apply to the *decreasing adjustment, but its amount is instead worked out using the applicable *average input tax credit fraction (see section 79‑95).
 (4) The *operator may, in writing, elect that, from the start of a specified *financial year, any *decreasing adjustment in relation to all payments or supplies:
 (a) that are made during the financial year; and
 (b) to which paragraphs (1)(a), (b), (c) and (d) apply;
are to be worked out using the applicable *average input tax credit fraction.
 (5) Subject to subsection (6), the election must be made before the start of the specified *financial year.
 (6) Subsection (5) does not apply if the election specifies the *financial year beginning on 1 July 2003 and is made before the end of 30 days after the day on which this section commences.
 (7) The election is in force during the specified *financial year and every later financial year, other than one that begins after a financial year in which the election is revoked.

79‑20  Extension of various references in Division 78 to rights of subrogation to cover other rights of recovery

Payments or supplies in settlement of claims
 (1) For the purposes of sections 78‑35, 78‑40 and 78‑75, a reference in those sections to a payment or supply made by an entity in settlement of a claim by an insurer in exercising the insurer's rights of subrogation in respect of an *insurance policy includes a reference to a payment or supply that satisfies the following requirements:
 (a) the payment or supply is made by an entity in settlement of a claim by an *operator of a *compulsory third party scheme;
 (b) the claim was made by the operator in exercise of the operator's rights to recover in respect of a payment or supply made under the compulsory third party scheme;
 (c) the claim was not made under an *insurance policy that is a policy of reinsurance.

Payments or supplies in compliance with court judgments etc. relating to claims
 (2) For the purposes of section 78‑110, a reference in that section to a payment or supply made by an entity in compliance with a judgment or order of a court relating to a claim made by an insurer in exercising the insurer's rights of subrogation in respect of an *insurance policy includes a reference to a payment or supply that satisfies the following requirements:
 (a) the payment or supply is made by an entity in compliance with a judgment or order of a court relating to a claim made by an *operator of a *compulsory third party