Selling Business as a Going Concern

When selling a business, there can be significant tax advantages, especially related to GST, if the sale is considered a “going concern.” as Glenn shares in this video. This means you’re selling the entire business, often in a walk-in, walk-out fashion, with no GST on the sale. This can greatly impact cash flow for both buyer and seller. The exemption may still apply even if the business isn’t sold from the same location but includes all assets and staff. It’s crucial to seek advice before signing any contracts to ensure proper tax treatment and avoid unexpected GST liabilities.

Sharp Accounting is an expert in helping businesses with succession planning, including preparing for business exit. Find out more here.