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Breakfast Club: The Going Concern

Published on 17 Apr 2003 | Took place at Leonda by the Yarra, Hawthorn , VIC

As property transactions by clients, and the GST position, continue to form a significant part of ongoing tax advice, a clear understanding of the Going Concern exemption, and the ATO's interpretation of that exemption, are obviously an essential part of the advisers tool box. Of particular note is GSTR 2002/5 and issues raised by the ATO's interpretation of the Going Concern exemption.

Individual sessions

The concern with Going Concern

Author(s):  Keith HARVEY This seminar paper covers the following key points:
- why the Going Concern concession exists
- consequences if practitioner or client makes a mistake
- the Going Concern exemption and the differences between GSTR 2001/5 and GSTR 2002/5
- what constitutes an enterprise and how the exemption impacts on enterprises conducted by partnerships, trusts and companies
- the ATO's concessions with regard to premises, statutory licences and permits
- when mortgagees can make use of the exemption
- when are the risks associated with using the concession worth taking and what alternative strategies exist.

This significant technical paper has been prepared as part of a major rewrite of the GST & Property Series in the Institutes' Blue Journal to be published later this year.

Materials from this session: