Question: A self-managed superannuation fund (SMSF) wants to sell a commercial property for around $1.1 million. They aren't registered for GST. Do they need to register for GST for the month of the sale since the property sale exceeds $75,000? And will the sale include GST?
Answer: The SMSF doesn't need to register for GST just because they're selling the commercial property. GST registration is required only if their annual turnover exceeds $75,000, and the sale of a capital asset like property doesn't count toward that turnover. So, if the SMSF's turnover without the property sale is below $75,000, they don't need to register for GST, and the property sale won't include GST.
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