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
Please note that the PDF version is the authorised version of this ruling.View the consolidated version for this notice.
FOI status:may be released
'Jack sold the house and land on completion for a GST inclusive price of $340,000'.
'The developer sold each of the residential units for a GST inclusive price of $360,000'.
'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
ISSN: 1443 - 5160