Ask Max: Your questions answered

Selling farming land and GST, buying international shares and the tax implications, investment risk and financial advice, and more.

We currently run a farm machinery business in Victoria. We have decided to close the business and sell the land. Selling the business as a going concern is not an option as it is in the family name and we may decide to start a similar business in the future, therefore wanting to use our name. Should we close the business and then sell the land or continue to trade until the land is sold? The business pays rent to my father-in-law to supplement his pension. Will we have to pay GST after the sale because of this?

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