- This topic has 1 reply, 2 voices, and was last updated 3 years, 8 months ago by .
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Topic
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My Strata Plan of which I am Chairman has now reached the point where our turnover (primarily Strata levies ) exceeeds $150,000 which means that we are required to Register for GST .
I note that the GST threshold for non profit entities has been in place since 1 July 2007, which is going on 16 Years , WITHOUT any CPI adjustment . What this means is that many residential strata plans are now being caught up with the obligation to register for GST and thus comply with the onerous and costly administrative requirements.
Surely to embrace small strata plans such as mine within the GST legislation was never intended . I would like to k now if you are aware if Government /ATO have been lobbied to amend this ancient GST threshold subsequent to July 2007 to a level which would recognize a reasonable CPI correction .
The taxation system comprises many varied thresholds which are indeed adjusted periodically — my question is why not the GST thresholds?? In fact I suggest the current GST threshold re non profit entities should be in excess of $300,000.
If you are not aware of any approaches to The Federal Government or the ATO who would be best to initiate this issue as the adjustment is long overdue .
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Hi Gary, you make a very good point. The Owners Corporation Network of Australia is best placed to advocate for this and the other tax bugbear … that non-levy income is taxable in the hands of the individual owners, not the owners corporation. Crazy stuff.
What with the increasing burden of fire safety and renovation regulations (the Design & Building Practitioners Act has cause significant time and cost blowouts for previuosly straightforward projects), owners need all the relief they can get!
Leave it with us, though we are focused on the upcoming NSW election at the minute. Check out our policy plan for climate ready, resilient and empowered communities living in defect-free buildings – http://www.ocn.org.au
Cheers Karen Stiles
OCN Executive Director