The concern with Going Concern seminar paper

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.

Author profile

Keith Harvey

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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• GST & Property - Landlord & Tenant - 01-August-2003
• GST Treatment of Lease, Hire Purchase and Chattel Mortgage Facilities - 01-May-2003
• When will there be a taxable supply of new residential premises? - 01-April-2003
• When will the supply of a Going Concern be GST-Free? - 01-March-2003
• Obtaining an Australian Financial Services Licence - 01-October-2002
• Financial sector reforms - 01-August-2002
• GST and Property - Part III - 01-July-2002
• GST and Property - Part II - 01-April-2002
• GST and Property - Part 1 - 01-March-2002
• The right advice (issues surrounding the Financial Services Reform Act 2001 - 01-November-2001

Click here to expand/collapse more articles by Keith HARVEY.