Published on 09 Apr 01
by THE TAX INSTITUTE
Subdivision 38-J (section 38-325) of the A New Tax System (Goods and Services Tax) Act 1999, which confers GST-free status on the supply of a going concern, is poorly drafted. The Australian Taxation Office ('ATO') in GSTR 2001/D2 has tried as far as possible to take a practical approach to solving some of the problems arising from the poor drafting of Subdivision 38-J. To a large extent this has been achieved in the draft ruling. However, there are still difficulties and issues arising from or not addressed in the draft ruling, as discussed below.
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TAXPAYERS AUSTRALIA INC
TAX POLICY & RESEARCH DIVISION
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INSTITUTE OF CHARTERED ACCOUNTANTS IN AUSTRALIA
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NATIONAL INSTITUTE OF ACCOUNTANTS