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GST/Margin Scheme
There are circumstances where the margin scheme cannot be used. GSTR 2006/8 explains at para 32 quite clearly how s75-5(3) operates for most developers. (This ruling addresses land acquired after 1st July 2000) Unfortunately the ATO's own website is so poorly worded that may people read it...- Paul@PFI
- Post #16
- Forum: Accounting and Tax
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GST/Margin Scheme
Time for personal tax advice. Quick answer is "Yes. Most likely"....However if you have already issued contracts that don't use the MS then you cant. You and the buyers must both agree to use the margin scheme. Its really the vendor who makes the choice and the contract is how its done. You cant...- Paul@PFI
- Post #9
- Forum: Accounting and Tax
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GST/Margin Scheme
If you acquired land under the margin scheme you cant claim any GST on it if you are a developer. (Reason is the GST is not 1/11th so its not a creditable acquisition. Other reason is you wouldn't have a tax invoice showing 1/11th anyway) Land doesn't normally get sold under the margin scheme...- Paul@PFI
- Post #8
- Forum: Accounting and Tax
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GST/Margin Scheme
BOTH seller and buyer must contract for the Margin Scheme AND be an eligible property.- Paul@PFI
- Post #6
- Forum: Accounting and Tax
