The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold, despite the fact the tax has been in place for more than a decade.

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The Tax Office is warning us to steer clear of tax avoidance schemes, especially in the lead up to 2012 tax return time. Tax Commissioner Michael D’Ascenzo says there’s a marked increase in the number of schemes being promoted at this time of year. ‘Modern tax schemes can be very sophisticated and may masquerade as complex investments or other arrangements that can appeal even to experienced investors.’

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Please be aware of email scams appearing to come from the Australian Taxation Office offering tax refunds. The email generally links to a fake ATO website that then requests your banking/credit card ...

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