the A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination MSV 2005/2
Reference: MSV 2005/2
Document type: Legislative Instrument
Enabling act: A New Tax System (Goods and Services Tax) Act 1999
Date of issue: 27 June 2005
Signatory: Neil Edward Mann Deputy Commissioner and Delegate of the Commissioner
Registration number: F2005L01808
Registration date: 29 June 2005


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. (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.