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GSTR 2002/5, Subdivision 38-J
A supply of a going concern occurs when:
1. a business is sold, and that sale includes all of the things that are necessary for the business to continue operating, and
2. the business is carried on, up until the day of sale.
The supply of a going concern is GST-free if it meets certain requirements including:
1. the sale is for a payment or consideration
2. the purchaser is registered, or required to be registered, for GST, and
3. the seller and the purchaser have agreed, in writing, that the supply is of a going concern.
contract for sale must have such terms~~ |
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