Goods and Services Tax (GST)

Goods and Services tax (GST) is a tax of 10% on most goods, services and other items sold in Australia.

Based on our experience, the costs involved in lodging and preparing the annual or quarterly GST return for an SMSF often outweighs the benefits of registering a Fund for GST. Therefore, we do not register our new Funds with GST unless instructed by the Trustees.

Commercial Property

An SMSF is generally required to be registered for GST if it owns a commercial property and the annual turnover exceeds $75,000. If a Fund is registered for GST, it is required to charge GST on the rental income from leasing the commercial property. It is also important to note that once a Fund is registered for GST, it will need to lodge an annual or quarterly GST return with the ATO.

For more information on the expenses that can be claimed for GST in an SMSF, please refer to the table below:

 

Table for GST

For a summary of the ATO guideline regarding the table above, please click on the button below:

GST Registration

If you are one of our clients and would like us to register your Fund for GST, please let us know and we will action your request with the ATO. However, please be mindful that Trustees will need to lodge their annual or quarterly GST returns themselves and we will assist the Trustees in lodging the annual income tax return with the ATO.

 

Contact Details


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Peace Of Mind

We are Melbourne based with clients throughout Australia. Our SMSF administration service is mostly paperless. This enable us to charge a fair fee, resulting in a good value-proposition for you.

No Advice

Superannuation Warehouse is an accounting firm and do not provide financial advice. All information provided has been prepared without taking into account any of the Trustees’ objectives, financial situation or needs. Because of that, Trustees are advised to consider their own circumstances before engaging our services.

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