A New Tax System (Goods and Services Tax) Act 1999

Chapter 6 - Interpreting this Act  

Part 6-2 - Meaning of some important concepts  

Division 188 - Meaning of GST turnover  

188-25   Transfer of capital assets, and termination etc. of enterprise, to be disregarded  

In working out your * projected GST turnover , disregard:

(a) any supply made, or likely to be made, by you by way of transfer of ownership of a capital asset of yours; and

(b) any supply made, or likely to be made, by you solely as a consequence of:

(i) ceasing to carry on an * enterprise ; or

(ii) substantially and permanently reducing the size or scale of an enterprise.