Going concern agreement - BUS 37

This is relevant if you are seeking not to pay GST on the sale/purchase of a business.

Sample

"DEFINITIONS:

Consideration means the purchase price of ### (Purchase Price)

Date of Agreement means ### (Date of Agreement)

Date of Settlement means ### (Date of Settlement)

Enterprise means the business activity carried on in the premises

Supply means all things necessary for the continuation of the ### (Description of Business) business known as ### (Business Name) situate at ### (Business Address)

The Vendor and the Purchaser agree and acknowledge as follows:

1. The Vendor and Purchaser are registered or are required to be registered for GST or warrant that they must be so registered before the Date of Settlement.

2. The supply is a supply of all chattels, goodwill and other things necessary for the continued operation of the enterprise. The business name is exclusive to the Vendor and is not included and is not necessary for the continued operation of the business.

3. At the Date of Agreement the Enterprise was carried on by the Vendor.

4. The supply is of a going concern pursuant to Section 38-325..."