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Edited version of private advice
Authorisation Number: 1051863061382
Date of advice: 7 July 2021
Ruling
Subject: GST and sale of property as a going concern
In order to protect the privacy and commercial in-confidence components of this private binding ruling the following summary is provided
Question
Based on the information provided to the Australian Taxation Office, will the sale of the Property under the sale contract entered between the vendor and the purchaser be a GST-free supply of going concern under section 38-325 of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act)?
Answer
After considering all the information given to us, yes, the sale of the Propertyunder the sale contract between the vendor and the purchaser will be a GST-free supply of going concern under section 38-325 of the GST Act.