Common use of Margin Scheme Clause in Contracts

Margin Scheme. If the Purchaser, by notice in writing to the Vendor not less than 28 days prior to Settlement, requests the Vendor to apply the margin scheme to the sale of the Land, then: 13.2.1 the Vendor and the Purchaser agree to apply the margin scheme to the sale of the Land; 13.2.2 the Purchaser will pay to the Vendor an additional amount on account of GST as calculated under the margin scheme; 13.2.3 the additional amount referred to in Special Condition 13.2.2 is to be paid or provided by the Purchaser to the Vendor at the earlier of: (a) the time when the consideration to which the additional amount relates must be paid or provided by the Purchaser to the Vendor under this Agreement; and (b) 7 days prior to the time the GST on that supply must be included in the GST return for the Vendor; 13.2.4 the Purchaser shall, where a valuation is required under Division 75 of the GST Law: (a) obtain at its expense, in the name of the Vendor, a valuation of the Land which complies with the requirements of Division 75 of the GST Law using the valuation method approved by the Vendor; and (b) provide the valuation to the Vendor not less than 28 days prior to Settlement; 13.2.5 the Vendor is not required to provide the Purchaser with a tax invoice at Settlement; and 13.2.6 the Purchaser acknowledges that the acquisition of the Land is not a creditable acquisition and the Purchaser is not entitled to claim an input tax credit.

Margin Scheme. If the Purchaser, by notice in writing to the Vendor not less than 28 days prior to Settlement, requests the Vendor to apply the margin scheme to the sale of the Land, then: 13.2.1 7.2.1 the Vendor and the Purchaser agree to apply the margin scheme to the sale of the Land; 13.2.2 7.2.2 the Purchaser will pay to the Vendor an additional amount on account of GST as calculated under the margin scheme; 13.2.3 7.2.3 the additional amount referred to in Special Condition 13.2.2 7.2.2 is to be paid or provided by the Purchaser to the Vendor at the earlier of: (a) the time when the consideration to which the additional amount relates must be paid or provided by the Purchaser to the Vendor under this Agreement; and (b) 7 days prior to the time the GST on that supply must be included in the GST return for the Vendor; 13.2.4 7.2.4 the Purchaser shall, where a valuation is required under Division 75 of the GST Law: (a) obtain at its expense, in the name of the Vendor, a valuation of the Land which complies with the requirements of Division 75 of the GST Law using the valuation method approved by the Vendor; and (b) provide the valuation to the Vendor not less than 28 days prior to Settlement; 13.2.5 7.2.5 the Vendor is not required to provide the Purchaser with a tax invoice at Settlement; and 13.2.6 7.2.6 the Purchaser acknowledges that the acquisition of the Land is not a creditable acquisition and the Purchaser is not entitled to claim an input tax credit.

Margin Scheme. If the Purchaser, by notice in writing to the Vendor not less than 28 days prior to Settlement, requests the Vendor to apply the margin scheme to the sale of the Land, then: 13.2.1 9.2.1 the Vendor and the Purchaser agree to apply the margin scheme to the sale of the Land; 13.2.2 9.2.2 the Purchaser will pay to the Vendor an additional amount on account of GST as calculated under the margin scheme; 13.2.3 9.2.3 the additional amount referred to in Special Condition 13.2.2 9.2.2 is to be paid or provided by the Purchaser to the Vendor at the earlier of: (a) the time when the consideration to which the additional amount relates must be paid or provided by the Purchaser to the Vendor under this Agreement; and (b) 7 days prior to the time the GST on that supply must be included in the GST return for the Vendor; 13.2.4 9.2.4 the Purchaser shall, where a valuation is required under Division 75 of the GST Law: (a) obtain at its expense, in the name of the Vendor, a valuation of the Land which complies with the requirements of Division 75 of the GST Law using the valuation method approved by the Vendor; and (b) provide the valuation to the Vendor not less than 28 days prior to Settlement; 13.2.5 9.2.5 the Vendor is not required to provide the Purchaser with a tax invoice at Settlement; and 13.2.6 9.2.6 the Purchaser acknowledges that the acquisition of the Land is not a creditable acquisition and the Purchaser is not entitled to claim an input tax credit.