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

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

ISSN: 1443 - 5160