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kbatra46(Initiate)Initiate
17 Jan 2025

Hi Experts


I have two questions in relation to the equipment that was bought as a part of an existing business purchase.


  1. GST- Can we claim GST on the equipment that was bought as part of an existing business purchase?
  2. Depreciation- How to claim depreciation for the equipment's that was bought, please note there were multiple equipment's which has been mentioned in the contracts "asset list", but the price wasn't mentioned for each equipment?

Thankyou in Advance.

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113 views
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MPrivate(Superuser)Superuser
17 Jan 2025

Hi kbatra46,

if the business was sold as a going concern there will be no GST included and cannot be claimed back. You should be able to confirm this in the contract of sale.

You will need to attempt to clarify the cost of the assets included with the seller or the solicitor who assisted with the sale documents. Seller's accountants may be able to help as well.

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Most helpful reply

MPrivate(Superuser)Superuser
17 Jan 2025

Hi kbatra46,

if the business was sold as a going concern there will be no GST included and cannot be claimed back. You should be able to confirm this in the contract of sale.

You will need to attempt to clarify the cost of the assets included with the seller or the solicitor who assisted with the sale documents. Seller's accountants may be able to help as well.

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GST and Depreciation on Equipment bought as part of an existing business. | ATO Community