Commonwealth Numbered Regulations

1995 No. 316 INCOME TAX REGULATIONS (AMENDMENT) - REG 3

3.1 After Division 11 of Part 7, insert:

"Division 11A-Reportable payments in the smash repair industry Interpretation

"147FA. In this Division:
'factor' means a person who makes, or is liable to make, a payment to a smash
repairer in consideration for the transfer of a debt due to the smash
repairer;
'insurer' means a person who carries on insurance business within the meaning
of the Insurance Act 1973;
'smash repairer' means a person who carries on the business of repairing the
structural components, frames or panel work of motor vehicles, or of carrying
out panel beating or spray painting on damaged motor vehicles.

Payments in relation to smash repairs declared to be reportable payments

"147FB. For the purposes of paragraph (a) of the definition of 'reportable
payment' in section 220AC of the Act, the following payments are declared to
be reportable payments for the purposes of Division 1AA of Part VI of the Act:

   (a)  a payment that an insurer makes, or is liable to make, to a smash
        repairer wholly or partly in relation to the repair of a motor
        vehicle; or

   (b)  a payment that an insurer makes, or is liable to make, to a factor
        wholly or partly in relation to the repair by a smash repairer of a
        motor vehicle; or

   (c)  a payment that a factor makes, or is liable to make, to a smash
        repairer wholly or partly in relation to the transfer of a debt due to
        the smash repairer.".