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Edited version of private advice
Authorisation Number: 1051520296214
Date of advice: 23 May 2019
Ruling
Subject: Goods and services tax and the transfer of assets
Question
Will the asset holders make a supply, as envisaged by section 9-10 of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act), where certain assets and liabilities are transferred?
Answer
The Commissioner ruled that the transfers are not supplies in accordance with section 9-10 of the GST Act
The scheme commences on:
The date of issue of the private ruling.
Relevant facts and circumstances
A company was incorporated as a public company limited by shares. Its assets will be transferred from two other companies.
Relevant legislative provisions
A New Tax System (Goods and Services Tax) Act 1999 section 9-10