A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination MSV 2005/2
  I, Neil Edward Mann, make the following determination 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 determination may be cited as the A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination MSV 2005/2.
Commencement 2. This determination commences on 1 July 2005.
Extension of costs of completion method – pre 1 July 2005 contracts 3. This determination 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 27th day of June 2005       Signed by Neil Edward Mann
Deputy Commissioner and
Delegate of the Commissioner