Sale of non-current asset

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JoanneD
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Sale of non-current asset

Hi all, 

 

I am hoping someone can give me some guidance here. i am currently doing Cert IV in bookeeping and have come across this question, for the life of me i can not seem to find any information on it.

 

"When a non-current asset is sold what is the impact regarding “A New Tax System (Goods and Services Tax) Act 1999” if the entity is registered for GST?"

 

an explanation so i can have a better understanding would be helpful Smiley Happy 

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Tracey_H
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Re: Sale of non-current asset

Hi @JoanneD 

 

Thanks for your post. A New Tax System (Goods and Services Tax) Act 1999 is the GST law so my interpretation of the question would be, if the business is GST registered do you charge GST on the sale of a non-current asset. 

 

That's just my interpretation though so if you can't find anything in your course notes to point you in the right direction I would recommend checking with a trainer.

 

Please do let me know how you go with this.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
Previously @bungy15

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