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Well GST is not payable on the acquisition of residential land, particularly if the vendor isn't registered for GST. The margin scheme recognises this so even though you have to charge GST upon the sale of your new properties that are built, you only charge GST on the 'margin' above the initial...

1) Depends but if you use the margin scheme you can claim the GST credits for the builder's invoices along the way. 2) I think you put the margin scheme words on the COS when you sell, not at this current stage.