Legislative Instrument Goods and Services Tax: Margin Scheme Valuation Requirements Determination MSV (No. 53) 2015 I, James O'Halloran, Deputy Commissioner of Taxation, make this determination for the purposes of paragraph 75-10(3)(b) of the A New Tax System (Goods and Services Tax) Act 1999. James O'Halloran Deputy Commissioner of Taxation Dated: 22 September 2015 1. Name of Determination This determination is the Goods and Services Tax: Margin Scheme Valuation Requirements Determination MSV (No. 53) 2015. 2. Commencement This determination commences on the day after registration. 3. Commencement A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination MSV 2005/2 – F2005L01808, registered on 29/06/2005 is repealed on the commencement of this determination. 4. Application This determination extends the availability of Method 2 – Value as determined using costs of completion method ('the costs of completion method') in the A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination (No.2) 2000 to the calculation of GST on supplies made after 1 July 2005 under contracts entered into before 1 July 2005. 5. Determination A valuation complies with the requirements for making valuations for the purposes of Division 75 of the GST Act if the valuation is made: (a) in accordance with the costs of completion method; and (b) for the purposes of calculating GST on a supply made under a contract entered into before 1 July 2005, if the supplier could have used the costs of completion method under the A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination (No.2) 2000 but for the supply being made after 1 July 2005. 6. Definitions Expressions in this determination have the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999.