Increase in GST Registration Threshold
As a result of recent changes in the Tax Office view, the GST registration threshold for bodies corporate has increased from $75,000 to $150,000. Bodies Corporate are now considered to be non-profit bodies for GST purposes, provided they do not have an intention to distribute interest or other income to members. This includes both when the body corporate is in operation or considering winding up.
If a new body corporate satisfies the above proviso to be considered a non-profit body, then it is not required to register for GST unless the GST turnover is greater than $150,000. However, if it is not considered to be a non-profit body and the GST turnover is more than $75,000 it must register for GST.
Bodies corporate that are currently registered for GST, that are considered to be a non-profit body and have GST turnover of $150,000.
Bodies corporate are still NOT considered non-profit companies for income tax purposes.
Should a Body corporate require further information or advice in relation to GST registration they should seek advice from an independent taxation consultant.
The above information was taken from an information pamphlet produced by Broadley Rees Hogan Lawyers.
