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Selling a business? Don’t forget the “going concern” GST exemption

Posted by Team AVS on 30 Mar, 2018  0 Comments

The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold.

The sale of a business may be GST exempt if the enterprise is deemed to be a “going concern” — which refers to an enterprise’s ability to continue trading. The ATO says a supply of a going concern occurs when:


What types of legal expenses are tax deductible?

Posted by Team AVS on 15 Mar, 2018  0 Comments

When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature if it is specifically excluded by another section of income tax legislation, or is incurred in earning exempt and non-assessable non-exempt income.


Valuations and your SMSF

Posted by Team AVS on 7 Mar, 2018  0 Comments

The days of a lax approach to valuations are over. While there is not always the need to employ a qualified independent valuer for each valuation, there are important circumstances where it is mandated, and others where it is recommended. Where one is not used then appropriate documentation needs to be kept of how valuations were determined. Back of the envelope or simply made-up valuations will not suffice.


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