Can anyone say how the margin scheme is calculated on a property inherited in 2008?
http://www.ato.gov.au/individuals/content.asp?doc=/content/36596.htm
Margin scheme usually relates to working out GST when you develop a subdivision and need to work out GST via a margin scheme.
see
http://www.ato.gov.au/businesses/content.asp?doc=/content/70665.htm
http://www.ato.gov.au/businesses/content.asp?doc=/content/42072.htmI am not sure if this is what you are referring to as margin scheme.
http://www.youraccountant.com.au/tguide/gch04/gstch04050.asp
Legislation that puts margin scheme on inherited property in doubt.
The Tax Laws Amendment (2008 Measures No 5) Act 2008 section
Section 75-5 (3)
lists a number of circumstances in which a supply is ineligible for the margin scheme
if you acquired the property interest by inheriting it from a deceased person and the deceased person had acquired all of it through a supply that was ineligible for the margin scheme;
see
http://www.aitken.com.au/news-blog/blog/archive/201005/when-can-you-apply-margin-schemeMay need to ask an accountant as this legislation looks difficult to interpret.
Yep, onto it. Thanks, duckster.
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