MSV 2005/2

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AUSTRALIAN GOVERNMENT

This legislative instrument has been repealed by MSV 2015/53 - Goods and Services Tax: Margin Scheme Valuation Requirements Determination MSV (No. 53) 2015.

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

I, Neil Edward Mann, make the following Determination for the purposes of paragraph 75-10(3)(b) of the A New Tax System (Goods and Services Tax) Act 1999 ('the GST Act').

Citation

1. This determination may be cited as the A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination MSV 2005/2.

Commencement

2. This determination commences on 1 July 2005.

Extension of costs of completion method - pre 1 July 2005 contracts

3. This determination extends the availability of Method 2 - Value as determined using costs of completion method ('the costs of completion method') in the A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination (No.2) 2000 to the calculation of GST on supplies made after 1 July 2005 under contracts entered into before 1 July 2005.

4. A valuation therefore complies with the requirements for making valuations for the purposes of Division 75 of the GST Act if the valuation is made:

(a)

in accordance with the costs of completion method; and

(b)

for the purposes of calculating GST on a supply made under a contract entered into before 1 July 2005, if the supplier could have used the costs of completion method under the A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination (No.2) 2000 but for the supply being made after 1 July 2005.

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Dated this 27th day of June 2005

Neil Edward Mann
Deputy Commissioner and
Delegate of the Commissioner

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Registration Number: F2005L01808

Registration Date: 29 June 2005

Related Explanatory Statements:

MSV 2005/2 - Explanatory statement

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