Document ID: chunk:federal_register_of_legislation:C2005A00078:clause:6_10
Version: federal_register_of_legislation:C2005A00078
Segment Type: clause
Provision Reference: sch 6 cl 10
Character Range: 19002–19736

10  Subsection 75‑5(1)
Repeal the subsection, substitute:

 (1) The *margin scheme applies in working out the amount of GST on a *taxable supply of *real property that you make by:
 (a) selling a freehold interest in land; or
 (b) selling a *stratum unit; or
 (c) granting or selling a *long‑term lease;
if you and the *recipient of the supply have agreed in writing that the margin scheme is to apply.

 (1A) The agreement must be made:
 (a) on or before the making of the supply; or
 (b) within such further period as the Commissioner allows.

Note: Refusing to allow, or allowing, a further period within which to make an agreement is a reviewable GST decision (see Division 7 of Part VI of the Taxation Administration Act 1953).