Australian Tax Alert — GST: changes for going concern and farmland sales - .PDF file.
The Goods and Services Tax Act (GST Act) presently provides an exemption for the sale of a ‘going concern’ or for the sale of ‘farmland’. Where the exemption requirements are met, such sales are treated as ‘GST-free’ supplies that are not subject to GST.
On 14 December 2013, the assistant treasurer Arthur Sinodinos announced that the government would proceed with a previously announced measure to replace the current GST-free treatment for going concern and farmland sales with a ‘reverse charge’. In this tax update, DLA Piper provides an overview on how the reverse-charge arrangements may apply and highlights some of the potential implications of the changes…
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