Eligibility to use the margin scheme when selling property

Terms we use

When we say:

• property, we mean the GST term real property including
• a freehold interest in land
• a stratum unit
• a long term lease
• sale or sell, we mean the GST term supply
• purchase, we mean the GST term acquisition
• GST credit, we mean the GST term input tax credit
• business, we mean the GST term enterprise
• payment (made or received), we mean the GST term consideration.
• All legislative references in the guide refer to the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) and are contained in the margin scheme provisions in Division 75.