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

Chapter 4 - The special rules  

Part 4-2 - Special rules mainly about supplies and acquisitions  

Note:

The special rules in this Part mainly modify the operation of Part 2-2 , but they may affect other Parts of Chapter 2 in minor ways.

Division 75 - Sale of freehold interests etc.  

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.