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Seller beware, the GST catch can be deadly.
Australasian Business Intelligence, July, 2007
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Jul 01, 2007 (The Australian Financial Review - ABIX via COMTEX) -- The sale of a business is not necessarily free of the goods and services tax (GST) in Australia. The conditions for a GST-free sale are detailed in Division 38 of the GST Act. If the going concern provisions are not satisfied, the sale may incur GST and the seller may not be able to recoup the tax from the buyer.
It is advisable for the sale contract to specify that the ...
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