Document ID: chunk:federal_register_of_legislation:C2010C00583:clause:11_18:p7
Version: federal_register_of_legislation:C2010C00583
Segment Type: clause
Provision Reference: sch 11 cl 18 (pt 7/18)
Character Range: 118773–121477

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 if:
 (a) there is a payment of an excess to the operator under the scheme; and
 (b) the payment relates to a *CTP compensation payment or supply that the operator makes or has made; and
 (c) the operator makes, or has made, *creditable acquisitions or *creditable importations directly for the purpose of making the CTP compensation payment or supply.

 (2) The amount of the increasing adjustment is 1/11 of the amount that represents the extent to which the payment of excess relates to *creditable acquisitions or *creditable importations made by the *operator directly for the purpose of making the *CTP compensation payment or supply.

 (3) An *operator of a *compulsory third party scheme has an increasing adjustment if:
 (a) there is a payment of an excess to the operator under the scheme; and
 (b) the operator makes, or has made, *creditable acquisitions or *creditable importations directly for the purpose of making a *CTP compensation payment or supply to which the payment of excess would relate; and
 (c) the operator has not made any CTP compensation payment or supply to which the payment of excess relates.
The amount of the increasing adjustment is 1/11 of the amount of the payment of excess.

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).

79‑65  Taxable supplies relating to recovery by operators of compulsory third party schemes

 (1) If:
 (a) an *operator of a *compulsory third party scheme has made