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

If my business is doing under the GST threshold in sales (so I'm not registered for GST), and I sell all operating assets to a UK (or any international) company, do I have to include GST when selling. From what I can find, no, but I'm not sure. Also, do I have to register for GST after since the sale will bring me over the threshold? Any advice would be great.

Comments

  • +1 vote

    What did the ATO say when you asked them?

  • +1 vote

    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.
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      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?

      • +1 vote

        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).

  • +1 vote

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

    Goods consumed overseas doesn’t include GST.

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