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How GST applies when sharing assets

If you're running a business of sharing assets, you need to consider whether you need an ABN and GST registration.

Last updated 11 June 2019

If you're running an enterprise of renting or leasing (sharing) assets, you may need to apply for an Australian business number (ABN) and register for GST if:

  • your GST turnover is $75,000 or more
  • you are entitled to claim fuel tax credits for your business and wish to do so (fuels used in light vehicles travelling on public roads aren't eligible for fuel tax credits).

When working out your GST turnover, you need to look at the income from all of your businesses or enterprises.

If you're registered for GST, you can claim GST credits for expenses related to your business. If you're claiming GST credits for purchasing an asset, you need to apportion the expense for personal and business use. Additionally, cars have special rules when claiming GST credits that you need to consider.

If you're already registered for GST

If you have an existing GST registration and you use the same ABN for asset-sharing activities, you will need to report and pay GST on all business income you receive.

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