A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 75.15 Subdivided real property

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 75.15

  (1)   This section applies if you make a * taxable supply of * real property that relates only to part of the land or premises in which you acquired an interest, unit or lease.

  (2)   In applying any of sections   75 - 10 to 75 - 14 in working out the * margin for the * taxable supply, use only the corresponding proportion of the following (as applicable):

  (a)   the * consideration for the acquisition or supply referred to in that section of that interest, unit or lease;

  (b)   an * approved valuation of that interest, unit or lease as at the day referred to in that section;

  (c)   the * GST inclusive market value of that interest, unit or lease as at the day or time referred to in that section.

Example 1:   If subsection   75 - 11(2) applies, use only the corresponding proportion of an approved valuation of your interest, unit or lease in the unsubdivided property as at 1   July 2000.

Example 2:   If subparagraph   75 - 11(5)(e)(ii) applies, use only the corresponding proportion of the consideration for the acquisition of the interest, unit or lease in the unsubdivided property by the entity that supplied it to you.