GST and the margin scheme

Record keeping

In addition to your normal GST record keeping obligations we recommend you keep:

• accounting records for the transaction
• evidence of the original purchase price of the property
• records showing how you have applied the margin scheme - these records should also identify the particular property that you have sold using the margin scheme
• records showing your agreement with the purchaser to use the margin scheme
• if you used the valuation method, the valuations, or other documents, showing how you arrived at the value of the property.

Examples of these records include:

• sale and purchase contracts and settlement statements
• details of how you worked out the margin
• your agreement in writing to use the margin scheme (see the clause included in 'Deciding to use the margin scheme - prior to 29 June 2005')
• the approved valuation.

You must keep all of these records that relate to your sale for five years after the sale.

Sections within Record keeping

• Records for subdivided land
• Issuing a tax invoice
• Record keeping for sales and contracts made before 29 June 2005