When registering your SMSF, consider if you need to register for goods and services tax (GST). Most SMSFs don’t need to register for GST because SMSFs mainly make input-taxed sales, and these don’t count towards GST turnover.

Some examples of input-taxed sales are financial services, providing credit for a fee and selling or renting residential premises.

SMSFs with an annual GST turnover of more than $75,000 must register for GST. Annual GST turnover doesn’t include:

• contributions
• interest and dividends, and
• residential rent or income generated outside Australia.

However, it does include gross income from the lease of equipment or commercial property.

Visit the ATO website for more information about SMSFs – GST and financial supplies.