Published on 17 Apr 03
by VICTORIAN DIVISION, THE TAX INSTITUTE
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.
Keith Harvey FTI
Keith, a Principal of Ambry Legal, specialises in tax advice principally in GST and Consolidation. He has presented a number of seminars for the Tax Institute on GST and written several GST articles for Taxation in Australia. Current at 01 May 2008
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