What is a ‘Going Concern’ sale?

A “Going Concern” refers to the sale of a business where it continues to operate under the new owner. For the sale to be GST-free, the following conditions must be met:

• The business is sold as a going concern (it continues to operate after the sale).
• All of the business’s assets necessary for the continued operation are included in the sale.
• The buyer is registered for GST.