Document ID: chunk:federal_register_of_legislation:F2020L00346:body:0:p5
Version: federal_register_of_legislation:F2020L00346
Segment Type: other
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Character Range: 10816–12818

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 working out the GST on the supply, the valuation must be made by the later of:

         (1)               8 weeks from the end of the further period that the Commissioner has allowed under paragraph 75‑5(1A)(b); or

         (2)               8 weeks from the date of the Commissioner's decision to extend the further period under paragraph 75‑5(1A)(b).

If the valuation is not made within the time periods specified in this instrument, the Commissioner may for good reason allow an additional period within which a valuation may be made.

11.              Definitions
Professional valuer means:

         (1)               a person registered or licensed to carry out real property valuations under a Commonwealth, a State or a Territory law; or

         (2)               a person who carries on a business as a valuer in a State or a Territory where that person is not required to be licensed or registered to carry on a business as a valuer; or

         (3)               a person who is:

             (a)               a member of the Australian Property Institute and accredited as a Certified Practicing Valuer; or

             (b)               a member of the Royal Institution of Chartered Surveyors and accredited as a Chartered Valuation Surveyor; or

             (c)                a member of the Australian Valuers Institute and accredited as a Certified Practicing Valuer.

Other expressions in this determination have the same meaning as in the GST Act.

12.              Repeals
This determination repeals A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination MSV 2009/1 (F2009L03954) which was registered on 20 October 2009.

[*] Defined term, see the definitions in Section 11 of this instrument.