Queensland Update: GST Registration Threshold
BY: JUDY CARTER, GOLD COAST GENERAL MANAGER
As a result of a recent change in 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 hot 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 you are a new body corporate and satisfy the above proviso to be considered a non-profit body, then you are not required to register for GST unless your GST turnover is greater than $150,000.However if you are not considered to be a non-profit body and your GST turnover is more than $75,000 you must register for GST.
Bodies corporate that are currently registered for GST, that are considered to be a non-profit body and have a GST turnover of $150,000 or less, may choose to:
- cancel their GST registration
- remain voluntarily registered and report annually, or
- do nothing and continue with their current reporting and lodgement obligations.
Bodies corporate with a GST turnover greater than $150,000 must register, or continue to be registered for GST purposes. Bodies corporate are still not considered non-profit companies for income tax purposes.
