Document ID: chunk:federal_register_of_legislation:C2025C00126:section:3:p9
Version: federal_register_of_legislation:C2025C00126
Segment Type: section
Provision Reference: s 3 (pt 9/9)
Character Range: 424066–426516

GST was worked out without applying the margin scheme; or
 (g) it is a supply in relation to which all of the following apply:
 (i) you acquired the interest, unit or lease from an entity who was your *associate, and who was registered or required to be registered, at the time of the acquisition;
 (ii) the acquisition from your associate was without *consideration;
 (iii) the supply by your associate was not a taxable supply;
 (iv) your associate made the supply in the course or furtherance of an *enterprise that your associate *carried on;
 (v) your associate had acquired the entire interest, unit or lease through a taxable supply on which the GST was worked out without applying the margin scheme.
 (3A) Subparagraphs (3)(g)(iii) and (iv) do not apply if the acquisition from your *associate was not by means of a supply by your associate.
 (4) A reference in paragraph (3)(b), (c) or (d) to a supply that was ineligible for the margin scheme is a reference to a supply:
 (a) that was ineligible for the margin scheme because of one or more previous applications of subsection (3); or
 (b) that would have been ineligible for the margin scheme for that reason if subsection (3) had been in force at all relevant times.

75‑10  The amount of GST on taxable supplies
 (1) If a *taxable supply of *real property is under the *margin scheme, the amount of GST on the supply is 1/11 of the *margin for the supply.
 (2) Subject to subsection (3) and section 75‑11, the margin for the supply is the amount by which the *consideration for the supply exceeds the consideration for your acquisition of the interest, unit or lease in question.
 (3) Subject to section 75‑11, if:
 (a) the circumstances specified in an item in the second column of the table in this subsection apply to the supply; and
 (b) an *approved valuation of the freehold interest, *stratum unit or *long‑term lease, as at the day specified in the corresponding item in the third column of the table, has been made;
the margin for the supply is the amount by which the *consideration for the supply exceeds that valuation of the interest, unit or lease.

Use of valuations to work out margins
Item                                   When valuations may be used                                                                                                                                                                                        Days when valuations are to be made