33. Vendor to elect margin scheme and GST payable by Seller/Buyer

(a) The Seller elects and the Buyer acknowledges that any GST payable on the supply of the Property to the Buyer under the terms of this Contract is to be calculated pursuant to Division 75 (“the Margin Scheme”) of the New Tax System (Goods and Services) Tax Act (“the Act”).

(b) The parties acknowledge that the purchase price of the property is inclusive of GST. The Seller shall pay the GST in respect of the supply of the property to the Buyer as and when the same is due. The Buyer shall pay the GST in respect of the supply of the property to the Seller upon completion.

(c) The [1] shall be entitled to all in put tax credits associated with the GST in respect of the supply of property to the Buyer as contemplated under the terms of this Contract.

(d) The Seller shall on or before completion provide to the Buyer a Tax Invoice which complies with the requirements for a tax invoice as specified in the New Tax System (Goods and Services) Tax Act so as to enable the Buyer to claim the input tax credits.

LEGEND:
[1] If you insert Seller in {1} delete the last sentence of paragraph (b) and delete paragraph (d). If you insert Buyer in [1] delete the second sentence of paragraph (b).