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GST and the sale of a business paper

Member Price: $57.00
Non Member Price: $75.00

DisclaimerThis material is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review, as permitted under the Copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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.

Author profile

Anthony Ince CTA
Tony has more than 30 years’ experience in indirect tax matters. He has been involved in the GST since its inception in Australia and was the spokesperson for CPA WA during implementation. Tony also practices in the area of Fuel Tax Credits and state taxes, such as payroll tax and land tax. In this capacity, he has presented on indirect tax topics at numerous state and national events, including CPA Congress and Taxation Institute State Taxes Conferences. Since 2003, he has lectured as a sessional lecturer in undergraduate and post-graduate tax at Curtin University and also instructs for the Tax Institute in their “Structured Education Program”. - Current at 01 September 2022
Click here to expand/collapse more articles by Tony INCE.

 

This was presented at Sale of a Business .

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Individual sessions

Income and capital gains tax issues

Author(s):  Marc WORLEY

Materials from this session:

GST and the sale of a business

Author(s):  Tony INCE

Materials from this session:

Why acquire a business?

Author(s):  Nick HOLLENS

Materials from this session:

Further details about this event:

 

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