Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_3:p5
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 5/15)
Character Range: 529992–532725

certain taxable supplies of real property must pay amounts to Commissioner

Liability to pay an amount
 (1) You must pay to the Commissioner an amount if:
 (a) you are the recipient (within the meaning of the *GST Act) of a *taxable supply that is, or includes, a *supply to which subsection (2) applies; and
 (b) in a case where the supply is a supply of *potential residential land—either:
 (i) you are not registered (within the meaning of that Act); or
 (ii) you do not acquire the thing supplied for a *creditable purpose.
 (2) This subsection applies to a *supply, by way of sale or long‑term lease (within the meaning of the *GST Act), of:
 (a) *new residential premises that:
 (i) have not been created through *substantial renovations of a building; and
 (ii) are not *commercial residential premises; or
 (b) *potential residential land that:
 (i) is included in a *property subdivision plan; and
 (ii) does not contain any building that is in use for a commercial purpose;
other than a supply that is of a kind determined by the Commissioner under subsection (3).
 (3) The Commissioner may, by legislative instrument, determine that subsection (2) does not apply to a kind of *supply specified in the determination.

When the amount must be paid
 (4) You must pay the amount on or before:
 (a) the day on which:
 (i) any of the *consideration for the *supply (other than consideration provided as a deposit) is first provided; or
 (ii) if the supplier is your *associate, and the supply is without consideration—the supply is made; or
 (b) if a determination under subsection (5) applies—the day provided under that determination.
 (5) The Commissioner may determine, by legislative instrument, circumstances in which amounts under this section are to be paid on or before the day provided under the determination. The determination may provide for amounts to be paid in instalments.

The amount to be paid
 (6) The amount to be paid to the Commissioner is an amount equal to:
 (a) if the *margin scheme applies to the *supply:
 (i) the percentage, of the amount provided under subsection (7), determined by the Minister under subsection (8); or
 (ii) if there is no such determination—7% of the amount provided under subsection (7); or
 (b) otherwise—1/11 of the amount provided under subsection (7).
 (7) For the purposes of paragraphs (6)(a) and (b), the amount is:
 (a) if the contract for the *supply specifies an amount (the contract price) that is the *price for the supply, subject to normal adjustments that apply on completion of transactions of that kind—that contract price; or
 (b) otherwise—the *price for the supply.
 (8) The Minister may, by legislative instrument, determine a percentage exceeding 7%, but