GST Valuations - Margin Scheme

Valuation of land or development site as at a specific date where property may have been acquired exclusive of GST.  The GST Margin Scheme is only ever applied to a parcel of land once.  For example, property purchased is a large land lot with a single dwelling.  Land subsequently is subdivided and existing dwelling retained or new lot (existing dwelling - no GST applicable) and say two new residential lots at rear are created - GST to apply to new lots - Margin Scheme can be applied - valuation of value of land as at date of purchase.