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GST and the sale of a business paper


This paper covers:

  • GST-free treatment of the supply of a going concern (which is fraught with danger)
  • does the sale of a business form part of your GST turnover? What are the implications of this?
  • why would vendors want to apply the "supply of a going concern" provisions?
  • what if you supply things other than those that are necessary for the enterprise to continue? Will they be GST-free as well?
  • what is the GST position if the purchaser assumes liabilities as a condition of sale?
  • what if you "supply" other things as part of the sale? How are they treated for GST purposes?
  • stamp duty issues for the purchaser, especially in the context of the Duties Bill 2007 which is expected to be implemented from 1 July 2008.

Author profile:

Anthony Ince CTA
Tony has more than 20 years' experience in the indirect tax field, recently taking up a consulting role with RSM Bird Cameron in Perth. Most of his work is in the areas of GST, Payroll Tax and fuel Tax Credits. For several years he sat on the Western Australian State Revenue Liaison Committee as part of his role as Chairman of the Taxation Committee at the WA Chamber of Commerce and Industry. Current at 22 March 2016 Click here to expand/collapse more articles by Tony INCE.

This was presented at Sale of a Business.

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Why acquire a business?

Author(s):  Nick HOLLENS

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