Converting your business from a sole-proprietorship to a partnership or limited company has a significant GST impact. When you decide to sell your business in its entirety or partially you would also need to consider the GST implications of the business deal.
The sale of business assets, including the transfer without consideration, is a taxable supply and subject to GST at 7%. The GST (Excluded Transactions) Order stipulates the conditions where the transfer of assets would not be within the scope of GST.
With our experience exceeding 2 decades, we can provide you with a substantive written opinion to facilitate the smooth transfer of your business.
The sale of business assets, including the transfer without consideration, is a taxable supply and subject to GST at 7%. The GST (Excluded Transactions) Order stipulates the conditions where the transfer of assets would not be within the scope of GST.
With our experience exceeding 2 decades, we can provide you with a substantive written opinion to facilitate the smooth transfer of your business.