Goods and Services Tax Ruling

GSTR 2000/21ER - Erratum

Goods and services tax: the margin scheme for supplies of real property held prior to 1 July 2000

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FOI status:

may be released

Erratum

At paragraph 58 - Sentence 4

Delete the words 'intends to sell' and substitute the word 'sold'.

The sentence should now read:

'Jack sold the house and land on completion for a GST inclusive price of $340,000'.

At paragraph 63 - Sentence 2

Delete the words 'intends to sell' and substitute the word 'sold'.

The sentence should now read:

'The developer sold each of the residential units for a GST inclusive price of $360,000'.

Replace the entire text at paragraph 64 with the following:

'The GST payable under the margin scheme is calculated as follows:

Margin	= GST inclusive sale price - value at 1 July 2000
	= $360,000 - $270,000
	= $90,000
GST payable	= 1/11 of $90,000'

Commissioner of Taxation
12 July 2000

References

ATO references:
NO T2000/4313