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

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 presentation 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
Michael is a Director in PwC’s dedicated Financial Services GST Practice. Michael has a national role with PwC in relation to Financial Services (particularly General insurance, Life insurance and Superannuation matters) as well as a local Brisbane role jointly leading PwC’s Brisbane GST Practice. He has in depth experience in technical and practical GST issues having worked in-house leading the Indirect Tax team for the Suncorp Group for over 5 years and as well as being an active member of the GST committees of a number of key industry bodies. Today, Michael’s practice at PwC includes health, life and general insurance clients across the private and government sectors as well as more traditional financial services clients. Current at 27 August 2012
 

This was presented at 2012 National GST Intensive.

Get a 20% discount when you buy all the items from this event.

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