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_paulk1(Initiate)Initiate
27 July 2021

I have investment property which is leased as commercial accommodation. It is registered for GST as a result of the lease being above $75000. Because of COVID the lease has been renegotiated to below $75000 per year for the coming year. (this is the only income of the entity)

How do I manage this in relation to GST?

1. Do I cancel my registration?

2. Do I inform ATO that the lease income is below the threshold?

3. Do I state on quarterly BAS statement that no GST payments are applicable?

4. Any other recommendations?

840 views
7 replies
840 views
7 replies

Most helpful response

Most helpful replyATO Certified Response

EthanATO(Community Support)Community Support
ATO Certified Response27 July 2021

Hi @paulk1,

Thanks for posting! To answer your questions:

    • You don't need to cancel your registration as you can choose to register for GST when under the $75,000 threshold. If you choose to cancel it, we have a page available on our website regarding cancelling your GST registration.
    • There's no requirement to let us know if you drop below the threshold. As you would be voluntarily registered (Not legally required to), you would become eligible for annual GST lodgements instead of quarterly. If you were looking to continue being registered for GST and wanted to lodge annually you would need to let us know.
    • If you continue being registered for GST you would be required to charge it on any applicable sales. This means you would continue filling in your BAS statements the same way, however the GST would be calculated on the lower payments.
    • Although I can't provide any recommendations, feel free to ask any further questions here. You may also want to seek out advice from a tax agent.

    There is more information regarding GST and GST reporting options on our website.

    All replies

    Most helpful replyATO Certified Response

    EthanATO(Community Support)Community Support
    ATO Certified Response27 July 2021

    Hi @paulk1,

    Thanks for posting! To answer your questions:

      • You don't need to cancel your registration as you can choose to register for GST when under the $75,000 threshold. If you choose to cancel it, we have a page available on our website regarding cancelling your GST registration.
      • There's no requirement to let us know if you drop below the threshold. As you would be voluntarily registered (Not legally required to), you would become eligible for annual GST lodgements instead of quarterly. If you were looking to continue being registered for GST and wanted to lodge annually you would need to let us know.
      • If you continue being registered for GST you would be required to charge it on any applicable sales. This means you would continue filling in your BAS statements the same way, however the GST would be calculated on the lower payments.
      • Although I can't provide any recommendations, feel free to ask any further questions here. You may also want to seek out advice from a tax agent.

      There is more information regarding GST and GST reporting options on our website.

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