• If you sell property as part of your business and you're registered for GST,
• Sale is taxable supply
• You have not paid GST when you originally purchase the property (Land) and have not claimed GST with your BAS
• Previous owner has used margin scheme and sold it you.
• If you use the margin scheme the parties must have a written agreement to use the margin scheme before settlement.
• For GST purposes, the settlement date is the date you purchase the property. Most contracts have a tick box stating if the sale is subject to the margin scheme.