GST: GOVERNMENT ANNOUNCES "REVERSE CHARGE" RULES FOR THE SALE OF BUSINESSES AND FARM LAND -
The GST Act presently provides an exemption for the sale of a "going concern" or for the sale of "farm land". 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 farm land sales with a "reverse charge". In this Tax Update we provide an overview on how the reverse charge arrangements may apply and highlight some of the potential implications of the changes.
CURRENT GST-FREE EXEMPTIONS FOR GOING CONCERN AND FARM LAND SALES -
Presently the "going concern" exemption is available for the sale of an operating business (or part of an operating business, if that part is capable of being operated as a separate enterprise)...
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