Goods and Services Tax: Margin Scheme Valuation Requirements Determination MSV (No 53) 2015 (Cth)

Legislative Instrument
Goods and Services Tax: Margin Scheme Valuation Requirements Determination MSV (No. 53) 2015

I, James O’Halloran, Deputy Commissioner of Taxation, make this determination for the purposes of paragraph 75-10(3)(b) of the A New Tax System (Goods and Services Tax) Act 1999.

James O’Halloran
Deputy Commissioner of Taxation

Dated: 22 September 2015

1. Name of Determination

This determination is the Goods and Services Tax: Margin Scheme Valuation Requirements Determination MSV (No. 53) 2015.

1. Commencement

This determination commences on the day after registration.

1. Commencement

A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination MSV 2005/2 – F2005L01808, registered on 29/06/2005 is repealed on the commencement of this determination.

1. Application

This determination extends the availability of Method 2 – Value as determined using costs of completion method (‘the costs of completion method’) in the ANew Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination (No.2) 2000 to the calculation of GST on supplies made after 1 July 2005 under contracts entered into before 1 July 2005. 

1. Determination

A valuation complies with the requirements for making valuations for the purposes of Division 75 of the GST Act if the valuation is made:

(a)   in accordance with the costs of completion method; and

(b)   for the purposes of calculating GST on a supply made under a contract entered into before 1 July 2005, if the supplier could have used the costs of completion method under the ANew Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination (No.2) 2000 but for the supply being made after 1 July 2005.

1. Definitions

Expressions in this determination have the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999.