Private ruling: upply of a going concern
Date of advice: 26 March 2024
Published: 6 May 2024

Ruling: Q1: 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)? | A1: 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: Summary: 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.