A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination 2020 (Cth)

Legislative Instrument

A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination 2020

I, Louise Clarke, Deputy Commissioner of Taxation, Policy, Analysis and Legislation, Law Design and Practice, make this determination under subsection 75‑35(1) of the A New Tax System (Goods and Services Tax) Act 1999.

Louise Clarke Deputy Commissioner of Taxation Policy, Analysis and Legislation Law Design and Practice Dated: 16/03/2020

1. Name of instrument This determination is the A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination 2020.

2. Commencement This instrument commences on the day after it is registered on the Federal Register of Legislation.

3. Application This determination specifies the requirements for making valuations for the purposes of applying the margin scheme in Division 75 of the GST Act. The requirements apply to valuations for taxable supplies of real property made on or after 1 March 2010.

This determination also specifies requirements for making valuations obtained by the Commissioner for the purposes of applying the margin scheme in specified circumstances. The requirements apply to valuations for taxable supplies of property made before and on or after 1 March 2010.

4. Determination This determination applies to entities that make taxable supplies of real property and want to apply the margin scheme to calculate their GST liability.

What is the freehold interest in land, stratum unit or long-term lease that you value?

If the real property that you supply by selling a freehold interest in land or selling a stratum unit or granting or selling a long-term lease is the same interest, unit or lease that existed at the valuation date, the valuation must be of that interest, unit or lease.