Document ID: chunk:federal_register_of_legislation:F2020L00346:body:0:p4
Version: federal_register_of_legislation:F2020L00346
Segment Type: other
Provision Reference: 
Character Range: 8191–11051

approved valuation to the Commissioner within the 8 weeks or any extended time which the Commissioner may for good reason allow;

         (4)               the margin, in the absence of an approved valuation being produced by the supplier, would be calculated under subsection 75‑10(2);

         (5)               the margin, if calculated under subsection 75‑10(2), would result in GST payable on value added to the real property prior to the commencement of, or entry into, the GST system; and

         (6)               the margin, if calculated using a valuation obtained by the Commissioner, would be less than the margin calculated under subsection 75‑10(2).

For taxable supplies of real property made on or after 1 March 2010, any one of the following valuations, if obtained by the Commissioner, is an approved valuation for the purposes of subsection 75-10(3):

        (7)         a valuation by a valuer which meets the requirements set out in subsections 6(1) to (6) of this instrument under method 1 other than the requirement in paragraph 6(5)(c) of this instrument;

         (8)               a valuation based on the consideration received by the supplier under a contract of sale which meets the requirements set out in subsections 7(1) and (2) of this instrument; and where subsections 7(4) to (7) of this instrument do not apply; or

         (9)               a valuation based on a valuation made by or on behalf of a State Government or a Territory Government which meets the requirements set out in subsection 8(1) of this instrument.

For taxable supplies of real property made before 1 March 2010, a valuation, if obtained by the Commissioner, is an approved valuation for the purposes of subsection 75‑10(3) if the valuation is:

         (10)           based on one of the same valuation methods available to the taxpayer under the margin scheme valuation requirements determination in force when the supply was made; and

         (11)           made in accordance with the requirements determined in the margin scheme valuation requirements determination in force when the supply was made (other than the requirements as to when the valuation must be made and the date the valuation was provided to the supplier).

A copy of any approved valuation obtained by the Commissioner and used to calculate the margin is to be provided to the supplier.

10.              When must the valuation under methods 1 to 3 be made?
The valuation under methods 1 to 3 must be made by the due date for lodgement of the Business Activity Statement for the tax period to which the GST payable on the taxable supply of the real property is attributable.

However, if the Commissioner has allowed a further period under paragraph 75‑5(1A)(b) of the GST Act for the supplier and recipient to agree in writing that the margin scheme is to apply in