Does GST apply the supply of a going concern?

Question: Does GST apply the supply of a going concern?

Answer:

Supply of a going concern is GST-free if it meets the requirements outlined by the ATO in accordance with the GST Act. This includes the sale for a payment or consideration, the purchaser registered or required to be registered for GST, and it is agreed in writing between the seller and purchaser that the supply is of a going concern. Please see our article on sale of business for a going concern for more details on the GST considerations.

Answered by Lisa Lee

Lisa practises in the areas of business and commercial law, intellectual property and contract law. Having previously worked in research and development, Lisa has a strong understanding on issues surrounding protection and commercialisation of intellectual property. She is passionate about arts and technology, and is attuned to issues surrounding e-commerce and online services.

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