When a business is sold as a “Going Concern”, it means that the business is being sold with the intention of continuing its operations. This includes all assets, liabilities, and operations necessary for the business to continue operating without interruption.
The sale is treated as a GST-free supply, which means that no GST is applied to the transaction. This is beneficial for both the buyer and the seller, as it avoids a potentially significant GST liability.
To qualify for the GST-free treatment of the sale of a business as a going concern, several conditions must be met:
This Business Sale Contract template agreement will help you meet these conditions when buying or selling an established business as a going concern.
Drafted by Legal Professionals ensuring compliance across all Australian states, this comprehensive Contract for Sale of Business comes as an easy-to-edit Microsoft Word template. It covers provisions for goodwill, stock, leases, business assets, GST, business name, restraints of trade, employees, stamp duty, dispute resolution, and more.
Like all of our documents, this user-friendly Business Sale Contract Template is written in Plain English. It’s designed for ease of use and will provide strong legal protection in case of any misunderstandings.
You can get started straight away, because this business sale contract is Available for Immediate download. Simply insert the correct information in the appropriate field and tab to the next. Now print your professional contract!