Watch out for new GST rule changes for sale of a “going concern”

The Assistant Treasurer has recently announced that the Federal Government will be removing the current GST free concession, which can apply in relation to the supply of going concerns, and implementing a new ‘reverse charge’ mechanism. Stamp duty may be assessed on a further 10% of the price even though the parties have agreed it is GST free as a going concern.

Find out more by contacting Tony Crilly at our office.