Is it wise for Body Corporates/Owners Corporations to review their decision about whether to register for the Goods and Services Tax (GST) annually?
ATO Position Registration may be revised on an annual basis. Registration is mandatory where a Body Corporate’s/Owners’ Corporation’s annual turnover of taxable supplies and GST-free supplies exceeds $50 000 (ss. 23-5, 23-15 A New Tax System (Goods and Services Tax) Act 1999 (‘the GST Act’)). An entity’s annual turnover is reviewable monthly via the current annual turnover and projected annual turnover calculations. An entity’s current annual turnover is the sum of the values of all the supplies that the entity has made, or are likely to make, during the 12 months ending at the end of that month (s. 188-15 of the GST Act). An entity’s projected annual turnover is the sum of the values of all supplies that the entity has made, or are likely to make, during that month and the next 11 months (s. 188-20 of the GST Act). Where the Body Corporate’s/Owners’ Corporation’s annual turnover does not meet the threshold requirements, GST registration is optional. Whether an entity with an option to
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