Selling business assets, GST payable if company is based in UK?

• 

  brendanm on 05/12/2019 - 17:42

  +1

  What did the ATO say when you asked them?

  • 

    plmko on 05/12/2019 - 18:16

    +2

    They said OzB are Australia's leading experts on tax law.

• 

  trex on 05/12/2019 - 17:44

  +1

  ATO has this:-

  When working out your projected GST turnover, don’t include:

  • amounts you receive for the sale of a business asset (such as the sale of a capital asset)
  • any sale you make, or are likely to make, solely as a consequence of ceasing to carry on an enterprise, or substantially and permanently reducing the size or scale of an enterprise.

  • 

    rickyb on 05/12/2019 - 17:46

    Thanks. Seems like it's not necessary to include GST as a line item in the sale itself. Is it necessary to register for it still though since the sale will tip my revenue over the threshold?

    • 

      trex on 05/12/2019 - 18:06

      +1

      If your GST revenue is over the threshold, then register and charge GST. If not over the threshold, you don't need to register and can't charge GST. As above, when working out your GST turnover, exclude amounts you receive for the sale of a business asset (such as the sale of a capital asset).

      • 

        rickyb on 05/12/2019 - 20:25

        Thank you

• 

  whooah1979 on 05/12/2019 - 18:58

  +1

  sell all operating assets to a UK (or any international) company,

  Goods consumed overseas doesn’t include GST.

  • 

    rickyb on 05/12/2019 - 20:25

    Thank you