If you carry on an enterprise, you must register for GST if your GST turnover is $75,000 or more.
However, most SMSFs do not have to register for GST because most SMSFs mainly make input-taxed supplies, which do not count towards your GST turnover. Input-taxed supplies include financial supplies and supplies of residential premises by way of rent or sale.
However, you may choose to register for GST.
In deciding whether to register voluntarily, you should consider:
• any increases in time or costs for record keeping and reporting
• the fact that GST applies to taxable sales and you could claim GST credits for creditable purchases
• whether you can claim reduced GST credits on your reduced credit acquisitions.
Your SMSF must register for GST if it makes supplies, other than input-taxed supplies, that exceed the GST turnover of $75,000.
Contact Redwood Advisory at service@redwoodadvisory.com.au or 1300 790 110 to discuss further.
