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GST essentials for distressed asset sales

Published on 01 Apr 09 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

Australia’s faltering economy has seen a rapid rise in distressed asset sales. This is the first major economic downturn since the introduction of the goods and services tax (GST), and given the complexity of the issues involved and potential for personal liability, it is critical that parties including liquidators, receivers, administrators, trustees in bankruptcy and mortgagees in possession correctly identify and comply with their GST obligations. This article considers the main issues that arise and, in particular, significant recent developments.

Author profiles

Mark West CTA
Photo of author, Mark WEST Mark is a Partner at McCullough Robertson and is qualified both in law and as a Chartered Accountant. He advises clients on tax matters generally, including income tax, CGT, GST and payroll tax, and has acted in appeals to the AAT and Federal Court. - Current at 12 April 2017
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David Marschke CTA
Photo of author, David MARSCHKE David is a Chartered Accountant, tax agent and admitted lawyer. He is a Partner in the Mills Oakley Private Advisory Practice based in Brisbane and previously was a Partner within the tax group of a national law firm. David is a specialist adviser to the private enterprise and to SME and high-wealth individuals sectors, with particular experience assisting taxpayers and their advisers in dispute matters, including tax reviews, audits and complex tax negotiations and settlements. He has significant expertise advising on SME, professional practice (including medical practices) and high-wealth individuals structuring and transactions with a focus on tax-effective outcomes, while understanding the potential application of the tax integrity measures including Part IVA. - Current at 12 April 2017
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