Commonwealth Consolidated Acts

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.