WebA going concern is a business that is operating and making a profit. No GST is payable on the sale of a going concern if certain conditions are met. However, as the seller, you may be able to claim input tax credits for GST you paid on … WebParagraph 166 of Goods and Services Tax Ruling GSTR 2002/5: when is a 'supply of a going concern' GST-free? (GSTR 2002/5) states that the supply under an arrangement of a going concern may include those things which, while not essential to the continued operation of the business, are utilised in the enterprise carried on by the supplier until ...
GSTR 2002/5 Legal database
WebGoods and services tax: when is a 'supply of a going concern' GST-free? (Published on 15 July 2015) ... GSTR 2002/5 history Date: Version: Change: 16 October 2002: Original … 1. This Ruling explains what is a 'supply of a going concern' for the purposes of Subdivision 38-J of the A New Tax System (Goods and Services Tax) Act 1999('GST Act'). It also explains when the 'supply of a going concern' is GST-free for the purposes of the Subdivision. 2. This Ruling is intended to … See more 7. This Ruling applies [to tax periods commencing] both before and after its date of issue. However, this Ruling will not apply to taxpayers to the extent that it conflicts with the terms of a settlement of a dispute agreed to … See more 221. Below is a detailed contents list for this Ruling: Commissioner of Taxation 16 October 2002 © AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA You are free to copy, adapt, modify, … See more 8. Subdivision 38-J provides that, if certain conditions are satisfied, the 'supply of a going concern' is GST-free. This means that, in the case of a … See more What is a 'supply of a going concern'? 15. The statutory term 'supply of a going concern' is defined in subsection 38-325(2). Pursuant to … See more swarovski hillcrest mall
The going concern exemption to GST Dundas Lawyers
WebGSTR 2002/5 makes it clear that only very limited types of businesses will not need business premises to be supplied in order for the transaction to still constitute a going concern. These will be businesses that operate outdoors (eg a … WebNov 27, 2024 · A sale of a going concern generally includes everything necessary for the continued operation of the business. This can include goodwill and equipment. Whether … Webnever be treated as the supply of a going concern. See s. 38-325, s.135-5, s.135-10 and GSTR 2002/5.and LPLC’s FAQs on going concern. Farmland The sale of farmland is … brannan sand \u0026 gravel co