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Compensation for loss: GST and insurance issues from the insured's perspective paper

Published on 06 Sep 12 by NATIONAL DIVISION, THE TAX INSTITUTE

Most businesses will be exposed in some way to issues concerning compensation for loss, whether through insurance or damages or warranty claims. Natural disasters in recent times have brought insurance issues into particular focus.

This paper covers:

  • insurance premiums
    • general observations
    • scenario 1 – standard business asset insurance
    • scenario 2 – transit insurance for staff relocations
  • insurance claims
    • general rules
    • disclosure of input tax credit entitlement to the insurer
    • excess payments
    • insurance settlements – general observations
      • cash settlements
      • property settlements
      • supplies of goods
      • ex-gratia insurance settlements.

Author profile:

Michael Flanderka
Current at 18 September 2012
 

This was presented at 2012 National GST Intensive .

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