GST Implications - Taxation - Roslyn Johnson - Mercedes-Benz Sedan - Law Assessment Answer

Law Assessment Answer

Assignment Task: QUESTION 3 Roslyn Johnson is a conveyance who owns a successful conveyancing practice in the Chatswood area. On 1 April 2018, an inspection of the financial statements reveals the business assets to comprise: Debtors                           $55,000 Work-in-progress            $103,000 Premises                         $850,000 Equipment                      $210,000 Goodwill                         $139,000 Mercedes-Benz sedan     $78,000 On the same day, Roslyn enters into a contract of sale to transfer ownership of her conveyancing practice to Natalie Jones. The contract stipulates a transfer of all business assets except the motor vehicle. The conveyancing practice was sold for $1,357,000. Roslyn received a 10% deposit on $135,700 and the balance of $1,221,300 was paid on the day of settlement. The contract of sale stated that if Natalie failed to proceed with the purchase, she would forfeit her deposit. The settlement was negotiated to occur on 1 June 2018. What are the GST implications?

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