Education
Selling your business? Make it a 'going concern'
A "going concern" is an Australian Tax Office ("ATO") invention that allows the sale of a business to be a GST-free transaction.
It is always highly desirable to both buyer and seller in a sale of business – it means no GST, and it gives certainty to both parties as to what they are paying and what they are receiving.
However there are many rules and requirements for a sale to be a GST free going concern that need to be considered before you enter into a sale contract.
What are you really paying for? Commercial and retail leases
Chamberlains Law Firm have compiled a factsheet on commercial and retail leases.
What are outgoings?
Outgoings are the landowner's reasonable expenses associated with the premises, and they can pass these on to the tenant if properly documented in the lease.