Document ID: chunk:federal_register_of_legislation:C2006C00453:clause:1_17
Version: federal_register_of_legislation:C2006C00453
Segment Type: clause
Provision Reference: sch 1 cl 17
Character Range: 9682–10386

17  Application of section 78‑50 of the GST Act
Section 78‑50 of the GST Act does not apply to a payment or supply made in settlement of a claim under an insurance policy if:
 (a) the entity that paid all or a part of the premium for the insurance policy had, at or before the time referred to in subparagraph 78‑50(1)(c)(i) of the GST Act, informed the insurer of the entitlement to an input tax credit for the premium it paid; and
 (b) in so informing the insurer, the entity did not, at that time, understate the extent of the entitlement; and
 (c) because of the amendments of the GST Act made by this Act, the statement of the extent of the entitlement is now an understatement of the entitlement.