Private ruling: Goods and services tax and the transfer of assets
Date of advice: 23 May 2019
Published: November 2019
Date scheme commenced: The date of issue of the private ruling.

Ruling: Q1: Will the asset holders make a supply, as envisaged by section 9-10 of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act), where certain assets and liabilities are transferred? | A1: The Commissioner ruled that the transfers are not supplies in accordance with section 9-10 of the GST Act

Relevant facts and circumstances: A company was incorporated as a public company limited by shares. Its assets will be transferred from two other companies.

Relevant legislative provisions: A New Tax System (Goods and Services Tax) Act 1999 section 9-10