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Wendy07
September 3, 2024
Question

Is rental income gst free or out of scope?

  • September 3, 2024
  • 1 reply
  • 0 views

Hi there,

 

My business owns a property that is rented out. Am I right to record the rent received as Out of scope GST?

 

Thanks.

1 reply

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IntuitSheila
September 3, 2024

Hi Wendy,

 

Thanks for posting in the Community!

 

We are unable to provide advice if rental income should be with GST on them or not. If you wanted the amount to show in your Business Activity Statement (BAS) then set it to GST free tax code. Otherwise, if you don't want to report them in the BAS set it to Out of scope.

 

Allocate transactions to an asset, liability, or equity account using the Out of Scope tax code. This applies to tax payments, loan settlements, private drawings, and bank account transfers.

 

If you are unsure what GST code to use, I recommend reaching out to your accountant for accounting advice.

 

If you don't have an accountant, you can check and find out here: https://quickbooks.intuit.com/au/find-a-proadvisor/

 

Post again in the Community if you have other questions. I'm around to help you.

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