A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination MSV 2005/2

A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination MSV 2005/2 I, Neil Edward Mann, make the following d etermination for the purposes of paragraph 75-10(3)(b) of the A New Tax System (Goods and Services Tax) Act 1999 (‘the GST Act’). Citation 1. This d etermination may be cited as the A New Tax System ( Goods and Services Tax ) Margin Scheme Valuation Requirements Determination MSV 2005/ 2. Commencement 2. This d etermination commences on 1 July 2005. Extension of costs of completion method – pre 1 July 2005 contracts 3. This d etermination extends the availability of Method 2 – Value as determined using costs of completion method (‘the costs of completion method’) in the A New 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 . 4. A valuation therefore 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 A New Tax System ( Goods and Services Tax ) Margin Scheme Valuation Requirements Determination ( No.2) 2000 but for the supply being made after 1 July 2005 . Dated this 27 th da y of June 2005 Signed by Neil Edward Mann Deputy Commissioner and Delegate of the Commissioner