Margin Scheme on Sale of Vacant Land (GST on Property Sales)
June 8, 2022
The margin is generally the difference between the sale price and one of the following:
If you were charged the full rate of GST when you originally purchased a property, the margin scheme can’t be used when you sell it. This is because you would have claimed the GST back as part of your business.
To apply the margin scheme both parties need to agree in writing that the scheme is to apply. No tax invoices are to be issued.