
What to expect during settlement
There is a lot of expectation and stress around settlement particularly on ‘the day’. Buyers are itching to get their hands on the keys to their new home, while sellers are ready to move on and...
A going concern refers to a business that is sold with everything in place for the buyer to continue operating it without interruption.
The term ‘going concern’ is typically used in the context of a sale of a business. By selling the business as a going concern, the owner transfers everything needed for the buyer to continue to run the business as usual . This includes the property, assets, contracts and so forth.
The sale of a business as a going concern can typically be exempt from Goods and Services Tax (GST) in certain circumstances. This is subject to meeting specific conditions outlined by the ATO.
In most cases, the sale of a going concern is GST-free if all the following apply:
Read more here to find out if you're exempt from GST.
Buying or selling a business as a going concern offers several benefits. These include: Continuity of operations Smoother transition for employees and customers Potential tax advantages Simplified administrative processes.
We work with agents who've adapted to the current climate to help you sell successfully.
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