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Edited version of private advice
Authorisation Number: 1052223703253
Date of advice: 26 March 2024
Ruling
Subject: GST - supply of a going concern
The Commissioner was asked to rule on:
Will the supply of your interest in the assets be a GST-free supply of a going concern for the purposes of section 38-325 of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act)?
The Commissioner ruled that:
The supply will be a GST-free supply of going concern under section 38-325 of the GST Act.
Relevant facts and circumstances
You are registered for GST
Relevant legislative provisions
A New Tax System (Goods and Services Tax) Act 1999 section 9-20
A New Tax System (Goods and Services Tax) Act 1999 section 38-325
A New Tax System (Goods and Services Tax) Act 1999 section 195-1
Reasons for decision
All the following requirements under section 38-325 of the GST Act were satisfied.
• the supply is for consideration;
• the recipient is registered or required to be registered for GST;
• the supplier and recipient agree in writing that the supply is a going concern;
• under the arrangement between the parties, the supplier carries on the enterprise until the date of the supply; and
• under the arrangement, the supplier supplies the recipient with all the things necessary for the enterprise's continued operation.