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

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MPrivate · Answer

Hi kbatra46 (https://community.ato.gov.au/s/user?u=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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