Goods and Services Tax: Margin Scheme Valuation Requirements Determination MSV (No. 53) 2015
Reference: MSV 2015/53
Document type: Determination
Enabling act: A New Tax System (Goods and Services Tax) Act 1999
Date of issue: 15 September 2015
Signatory: James O'Halloran Deputy Commissioner of Taxation
Registration number: F2015L01584
Registration date: 30 September 2015


1. Name of Determination: This determination is the Goods and Services Tax: Margin Scheme Valuation Requirements Determination MSV (No. 53) 2015. | 2. Commencement: This determination commences on the day after registration. | 3. Commencement: A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination MSV 2005/2 - F2005L01808 , registered on 29/06/2005 is repealed on the commencement of this determination. | 4. Application: 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. | 5. Determination: A valuation 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. (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. | 6. Definitions: Expressions in this determination have the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999.