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
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
- 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.
- 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
- Create a Business Event