Published on 01 Feb 2007
| Took place at City West Function Centre, West Perth
The supply of a going concern is a GST-free supply provided the legislative requirements are satisfied.
Whilst at first blush the exemption may seem straightforward, there are a number of practical difficulties facing parties seeking to obtain the exemption. The issues surrounding obtaining the exemption are complex and practitioners advising parties acquiring or disposing of a business or enterprise should be aware of all the issues.
The aim of this session was to provide practitioners with a thorough review of the going concern exemption.
Ongoing concern with the going concern GST exemption
Author(s): Graeme COTTERILL
This paper covers:
the legislative requirements for the exemption
an examination of when there has been a supply of all things necessary for the continued operation of the enterprise
issues relevant to the contractual arrangements between the parties
problems which can arise where a sale involves multiple parties.