9. Method 4: valuation obtained by the C9. Method 4: valuation obtained by the Commissioner in certain circumstances

9. Method 4: valuation obtained by the Commissioner in certain circumstances

Method 4 is only applicable if all of the following circumstances apply:

(1) for the purposes of calculating the margin under subsection 75‑10(3), a valuation has not been produced to the Commissioner or the valuation produced is not an approved valuation;

(2) the Commissioner has provided a notification in writing to the supplier that a valuation or an approved valuation has not been produced (incorporating, where applicable, the reasons for not accepting the valuation produced as an approved valuation) and advised that the supplier must produce an approved valuation to the Commissioner within 8 weeks;

(3) the supplier does not produce an approved valuation to the Commissioner within the 8 weeks or any extended time which the Commissioner may for good reason allow;

(4) the margin, in the absence of an approved valuation being produced by the supplier, would be calculated under subsection 75‑10(2);

(5) the margin, if calculated under subsection 75‑10(2), would result in GST payable on value added to the real property prior to the commencement of, or entry into, the GST system; and

(6) the margin, if calculated using a valuation obtained by the Commissioner, would be less than the margin calculated under subsection 75‑10(2).

For taxable supplies of real property made on or after 1 March 2010, any one of the following valuations, if obtained by the Commissioner, is an approved valuation for the purposes of subsection 75-10(3):

(7) a valuation by a valuer which meets the requirements set out in subsections 6(1) to (6) of this instrument under method 1 other than the requirement in paragraph 6(5)(c) of this instrument;

(8) a valuation based on the consideration received by the supplier under a contract of sale which meets the requirements set out in subsections 7(1) and (2) of this instrument; and where subsections 7(4) to (7) of this instrument do not apply; or

(9) a valuation based on a valuation made by or on behalf of a State Government or a Territory Government which meets the requirements set out in subsection 8(1) of this instrument.

For taxable supplies of real property made before 1 March 2010, a valuation, if obtained by the Commissioner, is an approved valuation for the purposes of subsection 75‑10(3) if the valuation is:

(10) based on one of the same valuation methods available to the taxpayer under the margin scheme valuation requirements determination in force when the supply was made; and

(11) made in accordance with the requirements determined in the margin scheme valuation requirements determination in force when the supply was made (other than the requirements as to when the valuation must be made and the date the valuation was provided to the supplier).