New GST rules for sale of Australian businesses and farmland - 24 Mar 2014
The Assistant Treasurer has announced that the GST-free treatment of going concerns and farmland will be replaced by a reverse-charge mechanism. This means that the purchaser will have to account for any GST liability arising from the transaction. It is anticipated that in most circumstances, the purchaser will be able to claim a credit equal to the GST liability. The finer details have not yet been revealed. However, the change is set to take place during 2014.