75‑10 The amount of GST on taxable suppl75‑10 The amount of GST on taxable supplies

75‑10 The amount of GST on taxable supplies

(1) If a *taxable supply of *real property is under the *margin scheme, the amount of GST on the supply is 1/11 of the *margin for the supply. (2) Subject to subsection (3) and section 75‑11, the margin for the supply is the amount by which the *consideration for the supply exceeds the consideration for your acquisition of the interest, unit or lease in question. (3) Subject to section 75‑11, if: (a) the circumstances specified in an item in the second column of the table in this subsection apply to the supply; and (b) an *approved valuation of the freehold interest, *stratum unit or *long‑term lease, as at the day specified in the corresponding item in the third column of the table, has been made; the margin for the supply is the amount by which the *consideration for the supply exceeds that valuation of the interest, unit or lease.

<table cellspacing="0" cellpadding="0" style="margin-left:55.95pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:290.75pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-inside:avoid; page-break-after:avoid"><span style="font-weight:bold">Use of valuations to work out margins</span></p></td></tr><tr><td style="width:38.2pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext" style="page-break-inside:avoid; page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:164pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext" style="page-break-inside:avoid; page-break-after:avoid"><span style="font-weight:bold">When valuations may be used</span></p></td><td style="width:67.25pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext" style="page-break-inside:avoid; page-break-after:avoid"><span style="font-weight:bold">Days when valuations are to be made</span></p></td></tr></thead><tbody><tr><td style="width:38.2pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:164pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>The supplier acquired the interest, unit or lease before 1</span><span> </span><span>July 2000, and items</span><span> </span><span>2, 3 and 4 do not apply.</span></p></td><td style="width:67.25pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>1</span><span> </span><span>July 2000</span></p></td></tr><tr><td style="width:38.2pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:164pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>The supplier acquired the interest, unit or lease before 1</span><span> </span><span>July 2000, but does not become </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>registered or </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>required to be registered until after 1</span><span> </span><span>July 2000.</span></p></td><td style="width:67.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>The date of effect of your registration, or the day on which you applied for registration (if it is earlier)</span></p></td></tr><tr style="height:58.5pt"><td style="width:38.2pt; border-top:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>2A</span></p></td><td style="width:164pt; border-top:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>The supplier acquired the interest, unit or lease on or after 1</span><span> </span><span>July 2000, but the supply to the supplier:</span></p><p class="Tablea"><span>(a) was </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>GST</span><span>‑</span><span>free under subsection</span><span> </span><span>38</span><span>‑</span><span>445(1A); and</span></p></td><td style="width:67.25pt; border-top:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>1</span><span> </span><span>July 2000</span></p></td></tr><tr style="height:45pt"><td style="width:38.2pt; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span></span></p></td><td style="width:164pt; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tablea"><span>(b) related to a supply before 1</span><span> </span><span>July 2000, by way of lease, that would have been GST</span><span>‑</span><span>free under section</span><span> </span><span>38</span><span>‑</span><span>450 had it been made on or after 1</span><span> </span><span>July 2000.</span></p></td><td style="width:67.25pt; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span></span></p></td></tr><tr><td style="width:38.2pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:164pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>The supplier is </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>registered or </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>required to be registered and has held the interest, unit or lease since before 1</span><span> </span><span>July 2000, and there were improvements on the land or premises in question as at 1</span><span> </span><span>July 2000.</span></p></td><td style="width:67.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>1</span><span> </span><span>July 2000</span></p></td></tr><tr><td style="width:38.2pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>4</span></p></td><td style="width:164pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>The supplier is the Commonwealth, a State or a Territory and has held the interest, unit or lease since before 1</span><span> </span><span>July 2000, and there were no improvements on the land or premises in question as at 1</span><span> </span><span>July 2000.</span></p></td><td style="width:67.25pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>The day on which the </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>taxable supply takes place</span></p></td></tr></tbody></table>