GST Question

[stephenb465]

I have a communal property where my annual income will be $50,000 with the tenant paying all out goings.

I understand that I don't need to pay/Register for GST as income is less than 75,000.

Is there any advantage for me to register? OR Should I keep far away from it?

Any input would be appreciated

I plan to purchase residential properties (hopefully two this year)
I have sort advice from my account, where he said that I don’t need to worry about GST

 

[AUSPROP...]

what's a communal property? is it resi or comm?

 

[Propertunity]

I understand that I don't need to pay/Register for GST as income is less than 75,000.

Correct. Also resi rents do not attract GST in any event.

Is there any advantage for me to register?

No, you cannot claim any GST credits (again for resi)

I plan to purchase residential properties (hopefully two this year)

You still don't need to register for GST for this UNLESS you plan to use low-doc loans and need an ABN and an appearance (at least) that your business does more than $75K.

I have sort advice from my account, where he said that I don’t need to worry about GST

You sought and received professional advice. Go with it

 

[stephenb465]

Thanks Propertunity for your answers much apprecated,

I'll instruct the lawyer to make changers to the lease document to not charge for GST

Thanks again