Issue

How do I set up Leasing/Rental Income that attracts GST for non-commercial property? 

Some typical examples in an SMSF may include:

• leasing of a painting (collectible) to hotels or art galleries
• leasing of vintage cars for wedding receptions
• leasing of taxi plate licenses
• leasing of crayfish/lobster licenses
• hiring fees on a tractor or similar farming plant/equipment

Resolution

To resolve this issue:

Step 1 - Create a new Investment Income Type

Step 2 - Process a business event 

Create a new Investment Income Type

Navigate to Business Level > Settings > Investment Income

1. Create a new Investment Income Type for leasing/rental income. Refer to our User Guide page Income and Expense Type Settings for further details on setting up a new Income Type.
2. Choose Creditable Acquisition as GST Type, in order to attract full GST.

Process a Business Event 

Navigate to Fund Level > Transactions > Fund Income > General Investment Income

1. Create a Business Event