Sale of a business as a going concern - checklist

Terms we use

When we say:

• sales, we are referring to the GST term supplies
   
• purchases, we are referring to the GST term acquisitions
   
• business we are referring to the GST term enterprise. An enterprise includes a business. It also includes other activities but does not include hobbies, activities done as an employee, or activities of individuals (other than trustees of charitable funds) or partnerships (all or most of the members of which are individuals) without reasonable expectation of profit or gain. It includes the activities of entities such as charities and religious and government organisations, and
   
• payments, we are referring to the GST term consideration. Consideration is any payment or any act or forbearance in connection with a supply or any payment or any act or forbearance in response to or for the inducement of a supply.