Common use of Supply of a going concern Clause in Contracts

Supply of a going concern. 15.1 If there is a supply under this agreement to which section 11(1)(mb) of the GST Act does not apply but which comprises the supply of a taxable activity that is a going concern at the time of the supply, then, unless otherwise expressly stated herein: (1) Each party warrants that it is a registered person or will be so by the date of the supply; (2) Each party agrees to provide the other party by the date of the supply with proof of its registration for GST purposes; (3) The parties agree that they intend that the supply is of a taxable activity that is capable of being carried on as a going concern by the purchaser; and (4) The parties agree that the supply made pursuant to this agreement is the supply of a going concern on which GST is chargeable at zero per cent. 15.2 If it subsequently transpires that GST is payable in respect of the supply and if this agreement provides for the purchaser to pay (in addition to the purchase price without GST) any GST which is payable in respect of the supply made under this agreement, then the provisions of clause 13.0 of this agreement shall apply.

Supply of a going concern. 15.1 16.1 If there is a supply under this agreement to which section 11(1)(mb) of the GST Act does not apply but which comprises the supply of a taxable activity that is a going concern at the time of the supply, then, unless otherwise expressly stated herein: (1) Each each party warrants that it is a registered person or will be so by the date of the supply; (2) Each each party agrees to provide the other party by the date of the supply with proof of its registration for GST purposes; (3) The the parties agree that they intend that the supply is of a taxable activity that is capable of being carried on as a going concern by the purchaser; and (4) The the parties agree that the supply made pursuant to this agreement is the supply of a going concern on which GST is chargeable at zero per cent0%. 15.2 16.2 If it subsequently transpires that GST is payable in respect of the supply and if this agreement provides for the purchaser to pay (in addition to the purchase price without GST) any GST which is payable in respect of the supply made under this agreement, then the provisions of clause 13.0 14.0 of this agreement shall apply.

Supply of a going concern. 15.1 If there is a supply under this agreement to which section 11(1)(mb) of the GST Act does not apply but which comprises the supply of a taxable activity that is a going concern at the time of the supply, then, unless otherwise expressly stated hereinin this agreement: (1) Each each party warrants that it is a registered person or will be so by the date of the supply; (2) Each each party agrees to provide the other party by the date of the supply with proof of its registration for GST purposes; (3) The the parties agree that they intend that the supply is of a taxable activity that is capable of being carried on as a going concern by the purchaser; and (4) The the parties agree that the supply made pursuant to this agreement is the supply of a going concern on which GST is chargeable at zero per cent0%. 15.2 If it subsequently transpires that GST is payable in respect of the supply and if this agreement provides for the purchaser to pay (in addition to the purchase price without GST) any GST which is payable in respect of the supply made under this agreement, then the provisions of clause 13.0 of this agreement shall apply.