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When does a choice to use the margin scheme have to be made(ie; is it at the time of putting the property on the market, prior to auction)?

April 26, 2017auction margin market prior Property putting Scheme time

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When does a choice to use the margin scheme have to be made(ie; is it at the time of putting the property on the market, prior to auction)?

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ATO Position An election to use the margin scheme should be made before the point at which an invoice is made or consideration received. That is because the outcome of applying the margin scheme will be reflected in the amount of the invoice and consideration. Note that where the contract is an invoice, the decision will have to be made when the contract is made.