A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination 2020
10. When must the valuation under method10. When must the valuation under methods 1 to 3 be made?
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10. When must the valuation under methods 1 to 3 be made?
The valuation under methods 1 to 3 must be made by the due date for lodgement of the Business Activity Statement for the tax period to which the GST payable on the taxable supply of the real property is attributable.
However, if the Commissioner has allowed a further period under paragraph 75‑5(1A)(b) of the GST Act for the supplier and recipient to agree in writing that the margin scheme is to apply in working out the GST on the supply, the valuation must be made by the later of:
(1) 8 weeks from the end of the further period that the Commissioner has allowed under paragraph 75‑5(1A)(b); or
(2) 8 weeks from the date of the Commissioner’s decision to extend the further period under paragraph 75‑5(1A)(b).
If the valuation is not made within the time periods specified in this instrument, the Commissioner may for good reason allow an additional period within which a valuation may be made.