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"Reverse charge" rules announced for going concern and farm land sales

Publication date: 17 Feb 14 | Source: CCH TAX WEEK

Issue: Issue 1, 17 Jan 2014

Pages: pp 1-5

Abstract:

The GST Act presently provides an exemption for the sale of a "going concern" or the sale of "farm land". Where the exemption requirements are met, such sales are treated as "GST-free" supplies that are not subject to GST.

On 14 Dec 2013 the Assistant Treasurer announced that the government would proceed with a previously announced measure to replace the current GST-free treatment for going concern and farm land sales with a "reverse charge"

This article provides and overview on how the reverse charge arrangements may apply and highlight some of the potential implications of the changes.

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Author profile

Matthew Cridland CTA
Matthew is Head of GST & Customs (Australia) at DLA Piper. He has specialised in GST for more than 16 years and also advises on customs and other indirect tax matters. He regularly publishes papers and articles on indirect tax developments. Matthew is a member of the GST committee for the Property Council of Australia and the Financial Services Council. - Current at 29 July 2016
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