Goods and Services Tax Ruling

GSTR 2000/21A2 - Addendum

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

FOI status:

may be released

Addendum

Goods and Services Tax Ruling GSTR 2000/21 Goods and services tax: the margin scheme for supplies of real property held prior to 1 July 2000, explains how the legislative determinations for valuations of real property that the Commissioner has made under paragraph 75-10(3)(b) of the A New Tax System (Goods and Services Tax) Act 1999 apply.

GSTR 2000/21 does not apply to supplies of real property made on or after 1 December 2005. Instead, Goods and Services Tax Ruling GSTR 2006/7 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.

You can rely on the amendments to GSTR 2000/21, as amended by this Addendum, for the purposes of section 37 of the Taxation Administration Act 1953 from the date issue of the Addendum.

GSTR 2000/21 is amended as follows:

1. Paragraph 1

After the paragraph insert:


1A. If real property is supplied on or after 17 March 2005 and before 1 December 2005, the reader should also have regard to:

·
the legislative amendments contained in the Tax Laws Amendment (2005 Measures No. 2) Act 2005; and
·
A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination MSV 2005/1.

2. Paragraph 6

After the paragraph insert:


6A. This Ruling does not apply to supplies made on or after 1 December 2005. For supplies made on or after 1 December 2005, refer to GSTR 2006/7 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.

3. Related Rulings/Determinations

Insert:


; GSTR 2006/7

4. Legislative references

Insert:

-
ANTS(GST)A 1999 75-10(3)(b)
-
Tax Laws Amendment (2005 Measures No. 2) Act 2005

Commissioner of Taxation
26 April 2006

References

ATO references:
NO 2005/18404

ISSN: 1443-5160

Related Rulings/Determinations:

GSTR 2000/21A
GSTR 2000/21ER