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Error in LIV Contract of Sale of Business (June 2014)

Error in LIV Contract of Sale of Business (June 2014)

By Commercial Law Section

Taxation 

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Practitioners are advised that the June 2014 version of the LIV Contract of Sale of Business contains an incorrect reference in General Condition 8.3(b) to section 38-480 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth) ('GST Act'). General Condition 8.3(b) should, in fact, reference section 38-325 of the GST Act in relation to requirements for 'going concerns'.

The reference has been corrected in Word and PDF forms delivered through Lawsoft and elawpublishing respectively. Hardcopy forms will also contain the corrected General Condition.

Practitioners with legacy hardcopy forms are advised to insert a special condition amending General Condition 8.3(b). The LIV suggests the following wording:

  1. In GC 8.3(b), the reference to section 38-480 of the GST Act is to be read as a reference to section 38-325 of the GST Act.

Practitioners are invited to contact commerciallawsection@liv.asn.au with any queries or concerns regarding the above.


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