Search results

That's why it's so crucial to get good advice before, for example, signing a lease. Many people think they'll save a few bucks and not bother the accountant / lawyer, but in many cases it ends up costing them more money and creates more headaches in the long run.

Not quite. The main thing to remember is that if the rent is less than $75,000, you don't need to register for GST. Make sure the lease states that there is no GST on the rent, and you will save yourself the hassle of filling out a BAS form every three months and sending money to the ATO.

How much is the annual rent? If the turnover of the entity that owns the house is less than $75,000, then you don't need to be registered for GST. The $75,000 figure does not include wages, interest, dividends or input taxed supplies such as residential rent.