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22 Oct 09 GST Margin Scheme Valuation Requirements Determination MSV 2009/1

A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination MSV 2009/1 was made on 14 October 2009 and registered on the Federal Register of Legislative Instruments on 20 October 2009 as Legislative Instrument F2009L03954.

The Determination specifies requirements for making valuations for the purposes of the margin scheme under Division 75 of the A New Tax System (Goods and Services Tax) Act 1999. The Determination is made under s 75-35(1) of the GST Act. The Determination commences on 1 March 2010, with limited retrospective effect. 

The requirements for making valuations under methods 1, 2 and 3 apply to valuations made for the purposes of applying the margin scheme in working out the amount of GST on certain taxable supplies of real property made on or after 1 March 2010. The requirements for making valuations under method 4 apply to valuations made for the purposes of applying the margin scheme in working out the amount of GST on certain taxable supplies of real property made before, and on or after, 1 March 2010.

The A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination MSV 2005/3 (F2005L02565) continues to apply to taxable supplies of real property made on or after 1 December 2005, but does not apply to supplies made on or after 1 March 2010.

For a copy of the Determination, go here

For a copy of the Explanatory Statement, click on ES/Supp Material

 


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