Does anyone know how GST works for/against these situations?
For a Pty Ltd (private) company you must register for GST if the income exceeds $50,000 (Is it still $50K?) per annum. Aircraft hirers would pay GST on their aircraft hire. Completing a BAS Return each quarter would result in refund of the GST paid, less GST received. The Company must lodge an Annual Return each year and would pay company tax on it's profits. You will probably need to hire an accountant or a smart book keeper each year to complete these requirements.
You really want to go there for one small aircraft?
An Aero Club is usually a not for profit company with low overheard costs and reasonably high annual aircraft utilisation. A fair percentage of an aircraft operating cost are the Indirect Costs or fixed annual cost (insurance, interest, parking, hangerage, annual inspection, repaint and refurbishment and other fixed costs).
The greater the aircraft annual utilisation, the lower the hourly Indirect Costs and thus lower total hourly operating cost. (Direct Costs are flying hourly based - fuel, maintenance, parts, engine/prop overhaul etc.)
Conversely, low utilisation private aircraft often have very high
real hourly operating costs due to amortising the direct cost over a reduced number of annual flying hours. Alternatively, some syndicates require a significant monthly payment to cover the Indirect Costs, whether the aircraft is flown or not.
Not teaching you to suck eggs, but be very careful and do your sums well before embarking on a venture you may regret.
From one who knows a little about accounting and who has owned eight aircraft, seven boats and five sports cars and spent the rest of my income foolishly!
