The going concern is a Goods and Services Tax (GST) concession which results in the sale/purchase of a business being a GST free transaction.
This is important in the fact that transfer duty is applied at the sale/purchase price of the business which includes the GST in the transaction value and can add additional costs to the deal of purchasing a business. This paper covers GST Buying and Selling a Business (Going Concern) under the following headings:
- Definition
- Conditions
- Issues Regarding Completion Of The Sale
- Additional Consideration
- Professional Advice
