Document ID: chunk:federal_register_of_legislation:C2010C00583:clause:11_18:p10
Version: federal_register_of_legislation:C2010C00583
Segment Type: clause
Provision Reference: sch 11 cl 18 (pt 10/18)
Character Range: 126132–128875

a payment or supply that is to be worked out using the applicable *average input tax credit fraction, the amount of the *decreasing adjustment is as follows.

 (2) The amount is worked out using the formula:
where:

applicable average input tax credit fraction is the *average input tax credit fraction for the *compulsory third party scheme concerned for the *financial year in which:
 (a) if the payment or supply is a *CTP compensation payment or supply—the accident or other incident to which the claim relates happened; or
 (b) if the payment or supply is a *CTP ancillary payment or supply—the payment or supply was made.

payment or supply amount is the amount worked out in accordance with subsection (3).

Payment or supply amount

 (3) The payment or supply amount mentioned in subsection (2) is worked out using this method statement.

      Method statement
           Step 1. Add together:

                (a) the sum of the payments of *money (if any) that are included in the payment or supply; and
                (b) the *GST inclusive market value of the supplies (if any) made by the *operator that are included in the payment or supply (other than supplies that would have been *taxable supplies but for section 78‑25 or 79‑60).

           Step 2. If, in relation to the payment or supply, any payments of an excess were made to the *operator, subtract from the step 1 amount the sum of all those payments (except to the extent that they are payments of excess to which section 78‑18 or 79‑55 applies).
           Step 3. Except where the payment or supply is a *CTP ancillary payment or supply, multiply the step 1 amount, or (if step 2 applies) the step 2 amount, by the following:

            where:
            applicable average input tax credit fraction has the meaning given by subsection (2).

Reduction for non‑creditable insurance events

 (4) The amount of the *decreasing adjustment under subsection (1) is reduced to the extent (if any) that the payment or supply relates to one or more *non‑creditable insurance events.

79‑100  Meaning of average input tax credit fraction

 (1) Except where subsection (7) applies, the average input tax credit fraction for a *compulsory third party scheme for a *financial year is:
 (a) for the financial year beginning on 1 July 2000, 1 July 2001 or 1 July 2002—nil; and
 (b) for the financial year beginning on 1 July 2003, 1 July 2004, 1 July 2005 or 1 July 2006—the business vehicle use fraction for the scheme determined by the Treasurer under subsection (2); and
 (c) for any later financial year:
 (i) if subparagraph (ii) does not apply—the same fraction as the average input tax credit fraction for the scheme for the preceding financial year; or
 (ii) if,