GST Registration - When is it a Requirement and When is it an Option?

There are specific rules in place that determine when GST registration is compulsory. However, not meeting those requirements may still mean GST registration is an option. This session explores when you have to register and when you may wish to when property is involved, including:

• The requirements that make GST registration compulsory
• How to calculate GST turnover, including when:
  • sales are higher than usual due to a closing down sale (sec. 188-25 GST Act 1999)
  • capital assets are sold as part of ceasing a business (GSTR 2001/7)
  • an asset is sold and its character has changed from “capital” to “revenue”
  • a single commercial property is acquired with the intention to resell at a profit
  • an enterprise of leasing residential premises ceases and a sale occurs within five years of premises being built
• Why would you optionally register when you don't have to when property is involved?
• Registration requirements for a build-to-rent property project sold soon after completion due to a forced sale
• GST implications, including GST at settlement obligations and margin scheme application, for a farm purchase to subdivide and sell when:
  • the seller is GST registered by choice and not legally required to be
  • the seller ceases GST registration prior to the sale
• Recent cases involving questions on GST registration (incl. Nerang Subdivision Pty Ltd v Hutson [No 2][2024] QSC 10; Ian Mark Collins & Mieneke Mianno Collins ATF The Collins Retirement Fund v C of T [2022] AATA 628)
• The implications of not registering when you should have
• Practical examples