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.
Current at 14 September 2011
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