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101814
Individual Podcasts

GST Issues to Consider When Ceasing an Enterprise

If you are involved in either the closing down or selling of a business, or a change in business structure is being considered, you should be mindful of the GST implications that can arise. This session looks at some of the issues to consider, including: Current and projected t
PRESENTED BY Julia Brosnan Senior Associate - MinterEllison , Sydney

Date/Time

About the Podcast

If you are involved in either the closing down or selling of a business, or a change in business structure is being considered, you should be mindful of the GST implications that can arise. This session looks at some of the issues to consider, including:

  • Current and projected turnover thresholds and what is included or excluded (Sec. 188-25 GST Act 1999), as well as:
    • a review of Collins Anor ATF the Collins Retirement Fund v FC of T [2022] AATA 628
  • What activities constitute the “terminating of an enterprise” that still satisfy “carrying on an enterprise”?
  • How the capital v revenue distinction for income tax differs for GST
  • What impact does the timing of cancelling GST registration have on GST payable?
  • GST adjustments on cancellation
  • GST effect for a property used as a capital asset in a business later sold in a profit making or business venture
  • Strategies to manage GST when ceasing an enterprise
  • Practical examples

Presented By

Julia Brosnan
Senior Associate, MinterEllison Sydney, NSW

Julia is a Senior Associate in MinterEllison's Sydney tax team advising primarily on GST. Prior to joining MinterEllison, Julia practised at a Big 4 accounting firm.

Julia advises on GST and other tax issues arising in the property, not-for-profit, retail, mining and energy, financial services and cross-border sectors. She also assists clients with ATO reviews/audits, compliance matters and health checks.

In particular, Julia has extensive experience advising both private and public clients on the GST implications of property transactions, including in long running disputes with the ATO in respect of the application of the margin scheme, large scale developments and complex commercial structures.

CPD Information

0.5 CPD hours

Enquiries/Assistance

If you need assistance or have an enquiry, please do not hesitate to contact us, on (03) 8601 7700 or email: [email protected]

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