ARTICLE · 30 APRIL 2013

Exemption from GST for the supply of a going concern under GSTR 2002/5

Colin Biggers & Paisley

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A consolidated and updated version of GSTR 2002/5 was issued, dealing with when a supply of a going concern is GST free.

AustraliaTax

In brief - Transaction has to be considered from the perspective of the supplier

The essential ingredients to have a transaction exempt from GST on the basis that it is the supply of a going concern are now clearly enunciated and show that a transaction has to be considered from the perspective of the supplier and that all of the necessary elements for continued operation of the enterprise must be transferred.

Australian Taxation Office (ATO) issues updated version of GSTR 2002/5

A consolidated and updated version of Goods and Services Tax Ruling GSTR 2002/5 was issued in late 2012 dealing with when a supply of a going concern is GST free.

The supply of a going concern is GST free if:

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