Hi, My business is in bakery, using norm method to calculate GST on sale and purchase. Now I sell my business on going concern, including stock of $5k.
How should we treat gst on selling this stock?
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Hi @BellaDenny,
If you're selling your bakery business as a going concern.
The stock is part of the continued operation of the business.
Therefore, it will be GST-free. Refer to GSTR 2002/5 paragraphs 72-130 talks about trading stock.
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Hi @BellaDenny,
If you're selling your bakery business as a going concern.
The stock is part of the continued operation of the business.
Therefore, it will be GST-free. Refer to GSTR 2002/5 paragraphs 72-130 talks about trading stock.
Thanks Wendy
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