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GST and the sale of a business paper

Published on 27 Mar 08 by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE

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:

Tony INCE
Current at 14 September 2011 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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