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As you may be aware, new GST rules for NFPs come into effect on 31 March 2021; however, there’s still time for your organisation to protect its existing assets from this new legislation – but you will need to act quickly.
What’s changed?
Put simply, if a Not for Profit organisation has claimed GST credits for the maintenance or purchase of an asset and then sells that asset in the future, the sale proceeds will be subject to GST regardless of whether the asset has been used to generate taxable activity if:
- zero-rating rules do not apply to the sale
- GST input credits have been claimed for maintenance and/or operating costs for the asset.
It’s also critical to note that these new rules are retrospective and apply to any asset sales completed on or after 15 May 2018.
For full details, including how this could impact your organisation and the next steps you need to take, complete the form below.