A body corporate is a group of individual owners responsible for maintaining and administering property held in common – for example, a block of strata titled home units.
If you are a body corporate, for GST purposes, you are carrying on an enterprise. You must register for GST if:
- you are considered to be a non-profit body and your turnover is more than $150,000 (turnover must include levies on unit owners)
- you are not considered to be a non-profit body and your turnover is more than $75,000 (turnover must include levies on unit owners).
You may be considered to be a non-profit body if you do not have the intention to distribute interest income or profits from rental or other activities to your members.
The fees or levies you charge your members will include GST – for example, car parking or administration.
You can claim GST credits on purchases you make that relate to maintaining and administering the property held in common, including:
- repair and maintenance services.