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| GST Exemption ? Going Concern |
| The sale of a business may be a supply of a going concern which is GST-free. |
A going concern is, broadly, an operating enterprise which the vendor carries on until the date of sale when the purchaser is provided with all things necessary for its continued operation.
To obtain the going concern exemption, the buyer must be registered for GST and must provide consideration for the acquisition. In addition, there must be written agreement confirming that the sale is one of a going concern. This is an area of some focus for the Tax Office and it has recently issued a number of interpretative decisions.
It is also an area of some complexity and care needed with professional assistance if relying on this exemption.
18th-August-2003 |
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