EV 1052223703253currentnon-binding advice

GST - supply of a going concern The Commissioner was asked to rule on: Will the supply of your interest in the assets be a GST-free supply of a going concern for the purposes of section 38-325 of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act)? The Commissioner ruled that: The supply will be a GST-free supply of going concern under section 38-325 of the GST Act.

Non-binding edited private advice. This is an edited version of private advice the ATO gave to a specific taxpayer about their own circumstances. You cannot rely on it — it is not binding and provides no protection for anyone else (see PS LA 2008/4). Use it as a guide to the ATO’s thinking, not as authority.

All the following requirements under section 38-325 of the GST Act were satisfied. • the supply is for consideration; • the recipient is registered or required to be registered for GST; • the supplier and recipient agree in writing that the supply is a going concern; • under the arrangement between the parties, the supplier carries on the enterprise until the date of the supply; and • under the arrangement, the supplier supplies the recipient with all the things necessary for the enterprise's continued operation.

You are registered for GST

A New Tax System (Goods and Services Tax) Act 1999 section 9-20 A New Tax System (Goods and Services Tax) Act 1999 section 38-325 A New Tax System (Goods and Services Tax) Act 1999 section 195-1