| Autor: |
Jonathan Teoh, Richard Krever |
| Rok vydání: |
2017 |
| Předmět: |
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| Zdroj: |
VAT and Financial Services ISBN: 9789811034633 |
| DOI: |
10.1007/978-981-10-3465-7_17 |
| Popis: |
Intermediary services related to the provision of casualty insurance (for losses other than life or health) are fully subject to GST in Australia. Tax is levied on the value of insurance premiums paid by registered and unregistered policy-holders. Registered enterprises (other than those making input taxed (exempt) supplies), claim offsetting input tax credits for GST imposed on the premiums. Settlements paid to unregistered claimants attract a notional input tax credit to the insurer and settlements paid to registered claimants are out of scope payments with no GST consequences. The final result is that GST is paid on intermediary services provided to both unregistered and registered enterprises. The GST paid on intermediary services to registered enterprises is fully recovered by the enterprises (except to the extent the insured enterprises make input taxed (exempt) supplies) through the ordinary tax invoice and credit system. More detailed rules ensure similar outcomes are achieved where settlements are made in kind, where reinsurance arrangements are in place, and when insurers operate through agents. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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