If a commercial building has total levies less than $50 000, how is it best to determine whether they should register for Goods and Services Tax (GST) purposes?
ATO Position Registration is mandatory where an entity’s annual turnover of taxable supplies and GST supplies exceeds $50 000 (ss. 23-5, 23-15 A New Tax System (Goods and Services Tax) Act 1999). Registration is optional if this turnover threshold is not exceeded. If registered for GST, the Strata Plan would have to remit GST on the levies it receives. However, Input Tax Credits will be available on GST included in the price of the goods and services acquired in the performing the Body Corporate’s/Owners’ Corporation’s services if it for a creditable purpose and provided they hold a tax invoice.
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