• P: 1300 790 110 | E: service@redwoodadvisory.com.au

SMSF & GST

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.

Source: http://ato.gov.au/Super/Self-managed-super-funds/Understanding-tax-and-SMSFs/Goods-and-services-tax-(GST)/

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Ivan Filipovic

Ivan Filipovic is an experienced, independent Property, SMSF and Finance Expert and the founder of Redwood Advisory. Ivan has been educating and coaching investors for over 15 years and has built a successful property portfolio with a number of positive geared properties across Australia.  Ivan provides valuable and honest guidance by educating Australians on how to invest successfully protect yourself with knowledge, contact Ivan today for a complimentary consultation on 1300 790 110 or email ivan@redwoodadvisory.com.au

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