Question & Answer: It has been claimed that the sale of a going concern business is always a zero-rated supply for tax purposes in terms of the goods and services tax (GST) of New Z…..

EXPLAINATION TO THIS IS AS FOLLOWS:

Goods that you export, or are going to export in your name, qualify for zero-rating. Items valued at less than $1,000 that do not need an export entry, also qualify as long as you can prove you have exported them or will do so. Exported goods also include stores supplied to aircraft and ships for use outside New Zealand.

If you have entered goods for export they must be exported within 28 days of the time of supply, unless we have agreed to an extension.

Aircraft and boats exported from New Zealand under their own power can be zero-rated if exported within 60 days of the recipient taking possession and full documentation is provided to Inland Revenue.