Tax Laws Amendment (2012 Measures No. 6) Act 2013 (84 of 2013)

Schedule 8   Miscellaneous amendments

Part 2   Other amendments of taxation laws

A New Tax System (Goods and Services Tax) Act 1999

17   Section 75-15

Repeal the section, substitute:

75-15 Subdivided real property

(1) This section applies if you make a *taxable supply of *real property that relates only to part of the land or premises in which you acquired an interest, unit or lease.

(2) In applying any of sections 75-10 to 75-14 in working out the *margin for the *taxable supply, use only the corresponding proportion of the following (as applicable):

(a) the *consideration for the acquisition or supply referred to in that section of that interest, unit or lease;

(b) an *approved valuation of that interest, unit or lease as at the day referred to in that section;

(c) the *GST inclusive market value of that interest, unit or lease as at the day or time referred to in that section.

Example 1: If subsection 75-11(2) applies, use only the corresponding proportion of an approved valuation of your interest, unit or lease in the unsubdivided property as at 1 July 2000.

Example 2: If subparagraph 75-11(5)(e)(ii) applies, use only the corresponding proportion of the consideration for the acquisition of the interest, unit or lease in the unsubdivided property by the entity that supplied it to you.


Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).