Tax Laws Amendment (2012 Measures No. 6) Act 2013 (84 of 2013)

Schedule 8   Miscellaneous amendments

Part 2   Other amendments of taxation laws

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

17   Section 75-15

Repeal the section, substitute:

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.