Tax Laws Amendment (2005 Measures No. 2) Act 2005 (78 of 2005)

Schedule 6   Goods and services tax and real property

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

10   Subsection 75-5(1)

Repeal the subsection, substitute:

(1) The *margin scheme applies in working out the amount of GST on a *taxable supply of *real property that you make by:

(a) selling a freehold interest in land; or

(b) selling a *stratum unit; or

(c) granting or selling a *long-term lease;

if you and the *recipient of the supply have agreed in writing that the margin scheme is to apply.

(1A) The agreement must be made:

(a) on or before the making of the supply; or

(b) within such further period as the Commissioner allows.

Note: Refusing to allow, or allowing, a further period within which to make an agreement is a reviewable GST decision (see Division 7 of Part VI of the Taxation Administration Act 1953).