However, if the sale is a supply of a going concern, it is treated as a GST free supply.
As a result, the seller does not have to charge 10% GST on top of the selling price.
The sale of a business as a going concern is GST free if all of the following apply:
- The sale includes all things necessary for the business to continue operating, such as inventory and equipment;
- The business is carried on up until the day of sale;
- The sale is for a consideration;
- The purchaser is registered, or required to be registered for GST;
- Before the sale, the seller and the purchaser have agreed in writing that the supply is of a going concern
Stamp duty can be minimised on the sale of a business as a going concern because it is calculated based on the gross selling price, inclusive of GST.
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