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Is GST payable on the transfer of a business?

Business GST Payable transfer
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Is GST payable on the transfer of a business?

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A business may be transferred free of GST provided it is the ‘sale of a going concern’. Broadly, this means that the seller supplies to the buyer everything necessary to carry on the business. Whether this is the case is not always as easy to determine as it first appears and it is important to get professional advice in each case.

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