A New Tax System (Goods and Services Tax) Act 1999
75‑15 Subdivided real property75‑15 Subdivided real property
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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.
Note: 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.
Note: 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.