Common use of Goods and Service Tax (GST Clause in Contracts

Goods and Service Tax (GST. 1.6.1 The premium charged for this policy will include an amount on account of GST, where applicable. 1.6.2 The insured shall inform the insurer of the extent to which the insured is entitled to an Input Tax Credit for the premium, in relation to the period during which the insured event happened, each time that a claim is made under this policy. No payment will be made to the insured for any GST liability that the insured may acquire on the settlement of a claim if the insured has not informed the insurer of their entitlement or correct entitlement to an Input Tax Credit. 1.6.3 Despite the other provisions of this insurance (including the provisions in the policy, any schedule and any endorsements), the insurer’s liability will be calculated taking into account any Input Tax Credit to which the insured is entitled for any acquisition relevant to a claim, or to which the insured would have been entitled were the insured to have made a relevant acquisition. 1.6.4 If the sum insured or limit of indemnity is not sufficient to cover the insured’s loss, the insurer will only pay GST (less any relevant Input Tax Credit) that relates to the insurer’s proportion of the insured’s loss. The insurer will pay that GST amount in addition to the limit of indemnity. 1.6.5 GST, Input Tax Credit, “acquisition” and “supply” have the same meaning as in the New Tax System (Goods and Service Tax) Act 1999 and related legislation as amended.

Goods and Service Tax (GST. 1.6.1 1.7.1 The premium charged for this policy will include an amount on account of GST, where applicable. 1.6.2 1.7.2 The insured shall inform the insurer of the extent to which the insured is entitled to an Input Tax Credit for the premium, in relation to the period during which the insured event happened, each time that a claim is made under this policy. policy No payment will be made to the insured for any GST liability that the insured may acquire on the settlement of a claim if the insured has not informed the insurer of their entitlement or correct entitlement to an Input Tax Credit. 1.6.3 1.7.3 Despite the other provisions of this insurance (including the provisions in the policy, any schedule and any endorsements), the insurer’s liability will be calculated taking into account any Input Tax Credit to which the insured is entitled for any acquisition relevant to a claim, or to which the insured would have been entitled were the insured to have made a relevant acquisition. 1.6.4 1.7.4 If the sum insured or limit of indemnity is not sufficient to cover the insured’s loss, the insurer will only pay GST (less any relevant Input Tax Credit) that relates to the insurer’s proportion of the insured’s loss. loss The insurer will pay that GST amount in addition to the limit of indemnity. 1.6.5 1.7.5 GST, Input Tax Credit, “acquisition” and “supply” have the same meaning as in the New Tax System (Goods and Service Tax) Act 1999 and related legislation as amended.