Goods and Services Tax Ruling
GSTR 2006/7A - Addendum
Goods and services tax: how the margin scheme applies to a supply of real property made on or after 1 December 2005 that was acquired or held before 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
In the first sentence, after '29 June 200517', delete the words:
or the supply was not made under a contract, for example, a transfer of real property for no consideration.
Delete the wording of the footnote; substitute:
If subsection 75-10(3A) applies, the determination provides that the valuation must be a valuation of the market value of the real property determined by a professional valuer as if there are no improvements on the real property on the valuation date. Goods and Services Tax Ruling GSTR 2006/6 discusses the meaning of 'improvements on the land'.
In the formula for the GST inclusive price omit C; substitute V. The formula should read as follows:
GST inclusive price = [(E - V) / 10] + E
- Delete the first sentence.
- After 'common example', insert 'of a non taxable supply'.
Commissioner of Taxation
9 August 2006