Register and Cancel GST

GST Registration

The ATO (Australian Taxation Office) has classified bodies corporate / strata plans as ‘not-for-profit’ entities as income is not expected to be distributed to Owner's. This means the GST registration threshold for strata property is considered when the GST turnover exceeds $150,000.

Registering for GST with the ATO can be completed online, by phone or through a registered agent.  This can be done when the business is first registered or when the threshold is exceeded.  Registration must be completed within 21 days from when the GST turnover exceeds the relevant threshold.

The GST turnover threshold is reached if:

  • the 'current GST turnover' (turnover for the current month and the previous 11 months) totals $75,000 or more ($150,000 or more for non-profit organisations)

GST turnover is the gross business income (not profit), excluding:

  • GST included in sales
  • sales that aren't for payment and aren't taxable
  • sales not connected with the business
  • input-taxed sales you make

Register Building for GST

The instructions below will setup the selected Building, to start calculating GST on applicable transactions. Consideration on the timing of setup may vary based on the scenarios below:

  • Registered with a start date in the future (setup on or just after the date has passed)
  • Already registered - new building, no transactions yet (setup as part of the new building process, after Opening Balance Setup)
  • Already registered - existing building recently acquired from another manager or software product (setup as part of the new building process after Opening Balance Setup and ensure that prior GST amounts are allocated to  an account other than the GST Clearing Account)

GST amounts will only process for any new (applicable) transactions after the setup is complete, not for already existing transactions.  

BAS reporting period will be applicable to the Current Month, not necessarily the date of the transaction/s.

Complete a Data Storage prior to following the steps below, then lock the building:

  1. Search or select Building Information. 
  2. Locate the GST Registered field and enter Y .
  3. In the BAS Frequency field Enter Q for Quarterly, M for Monthly or H for Half Yearly or Y for Yearly.
  4. Click Save and then Exit.
  5. Search or select GST Setupcheck all account settings and reporting method are correct, and click Save.
  6. Click Close

If this is an existing building, Opening balance (Financial's) entries should be entered with Opening Balance Setup, these specific transactions will NOT create GST transactions and can be completed either before or after the above GST setup.

Set Initial BAS Reporting Period

To ensure that the correct period is set for the first Business Activity Statement, complete the below steps to set the initial period for the first BAS.

To determine the 'Date of Last BAS' - identify the current month of the Building, then the last day of the quarter, for the prior period.

Example:  Current month - February; Last BAS Date would be 31/12/** so that the first BAS would correctly report for the quarter or 01/01/** - 31/03/**.  The whole period needs to be reported, regardless if transactions were in each month.  

If reporting quarterly there will be only four options for this date - 31/03/** or 30/06/** or 30/09/** or 31/12/**

  1. Search or select Business Activity Statement (BAS).
  2. Click Current BAS when prompted, then enter the finish date of the last BAS (see above).

Example:  If the first reportable period is 01/01/20 - 31/03/20 

IMPORTANT:  Prior GST Amount

GST amounts from Opening Balances - either prior manager or software, should be allocated to an account on the balance sheet, separate from the GST Clearing Account.  This amount MUST be reconciled to $0.00 for the very first period of lodgement, to be combined with the StrataMax BAS.  It is expected that supporting reports will be utilised from prior manager or prior software reports - these amounts are not related to the StrataMax BAS and as such will not be included in reporting.


Adjusting GST on Prior Transactions

If the setup for the GST is completed and previously created transactions created in StrataMax are required to be adjusted, (usually due to missing the setup at the right time) either to add / remove GST amounts, this is to be completed with No GST - No Report Manager.  It is recommended that a Data Storage is completed prior.

GST Cancellation

You can choose to cancel your GST registration if your GST turnover is below the threshold for compulsory registration as noted above.  The date you choose to cancel your GST registration should be the last day you want to be registered.

Select to cancel your GST registration from the date you choose (usually end of a period in the future), however you can't:

  • cancel your registration retrospectively if you were still operating on a GST-registered basis after the date you chose
  • choose a cancellation date and then continue to operate on a GST-registered basis after that date

GST registration can be cancelled, along with other registrations, (ABN / PAYG / etc together or separately or also required) by:

  • using through the Business Portal
  • by phone on 13 28 66 – between 8.00am and 6.00pm, Monday to Friday
  • by completing the Application to cancel registration (NAT 2955) through online ordering and posting it to the ATO.

Cancel Building for GST

Once cancellation has be lodged / confirmed with the ATO, make a note to complete the following steps on the cancellation date or as soon as practical.

If the date of cancellation was in the past, No GST No Report Manager may need to be used to exclude transactions after this date from calculation of GST.  This will need to be completed PRIOR to the updating of the GST Registered field in the Building Information. It is recommended that the final BAS and financial statements are checked, printed/saved prior to amending the GST registered setting to N. 

Important: The BAS reports will not be available after the GST setting has been changed to ‘N’ for Not Registered.  Ensure all reports are saved / printed before the steps below are completed.

Steps for cancellation:

  1. Ensure that cancellation date is today or very recently in the past.
  2. Check Transaction List for GST Clearing Account and determine any amounts that are to be removed if after cancellation date.
  3. Check Levy Management for Levy Periods which may have generated GST and need to be amended.
  4. Use No GST No Report Manager to correct for all transactions as identified above.
  5. Check BAS for current period reconciles with the GST Clearing Account and expected total after above amendments.
  6. Save / Print BAS Report, BAS Details Report, GST Allowed Summary to use for final BAS lodgement with ATO.
  7. Complete a Data Storage.
  8. Enter manual Creditor Invoices to ATO Creditor account for final BAS payment / refund (whole dollars only).
  9. Enter journal to GST Clearing Account and income / expense account to balance for rounding - ensuring balance sheet account is $0.00.
  10. Amend GST Registered in Building Information to 'No' and save.
  11. Lodge final BAS with ATO and make payment if required.  If refundable, allocate to ATO Creditor to balance once received into the Bank Account.

Note: Financial reports will still have GST transactions reflected on income and expenses for the portion of the financial year that the Building was registered.