NSW Compulsory Third Party insurers issue two types of Green Slips:
- the standard Green Slip for people who are not entitled to claim an input tax credit
- a tax invoice Green Slip for GST registered business that can claim an input tax credit
Tax invoice Green Slips cost more than standard Green Slips because even though
an input tax credit can be claimed on the GST component of the Green Slip premium,
insurers cannot get a tax credit when Compulsory Third Party claims settle.
You should check with your accountant or financial advisor if you are unsure of
your GST status or whether you can claim an input tax credit on your Green Slip.
If you have more questions, contact your Green Slip insurer or the Australian Tax
Office on 13 28 66.