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Edited version of your written advice
Authorisation Number: 1051368140599
Date of advice: 14 June 2018
Ruling
Subject: The application of the margin scheme to the sale of land and residential premises
Question 1
Will you be able to use the margin scheme when you sell residential properties to end consumers?
Answer 1
Yes
Relevant facts and circumstances
You are the purchaser of land held by the vendor. The margin scheme was used when the vendor acquired the land originally. You are acquiring the land as a supply of a going concern.
Relevant legislative provisions
A New Tax System (Goods and Services Tax) Act 1999 subsection 75-5.
Reasons for decision
You have not acquired the land as a supply which is ineliglible for the margin scheme, as per subsection 75-5(3) of the GST Act. You will be able to use the margin scheme, as long as you agree to do so in writing with future purchasers,
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