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LexisNexis Practical Guidance®
Straightforward guidance across a range of topics
- Purchase and sale of business
- Tax factors
GST
The sale of a business is a taxable supply under Div 9 of A New Tax System (Goods and Services Tax) Act 1999 (Cth). Accordingly, it exposes the vendor to a GST liability on virtually all the assets of the business. The GST may be avoided by using the going concern exemption under s 38-325 of that Act. However, there are many situations where the exemption is not available, or where the parties may not wish to apply it.
See GST.
