Law and Practice Question 4 Pretty Petals is a medium sized business with florist outlets across Australia. Pretty Petals is a company that aims to expand and become the leader in its field. It competes aggressively for customers with businesses that it sees as competitors. Fleur Florists is a popular family run floristry business, with several generations of Fleur family members working in it. Fleur Florists opens a shop a few streets away from Pretty Petals' main outlet in Sydney's CBD. After facing several years of fierce price wars and expensive marketing campaigns, the owners of Fleur Florists agree to sell their business to Pretty Petals. Being family run, Fleur Florists has no staff. It does have well-maintained mobile cool room and flower sorting and arranging equipment. It also has a long lease and a large customer base on its books. The owners agree to sell Fleur Florists as a going concern to Pretty Petals; and agree that following the sale they would not to operate a floristry business in that district for at least 3 years. They operate the business until the date of change of ownership, having assisted Pretty Petals in taking over their lease. Immediately after the sale, Pretty Petals (whose purpose was to remove all competition) closes Fleur Florists and invites all its customers to Pretty Petals' store a few streets away. Having no use for the cool room and flower sorting and arranging equipment, Pretty Petals sells them. Required: (20 marks) Advise whether this sale would qualify as the sale of a going concern for GST purposes. In your response give reasons and refer to sections of legislation and cases, where relevant Click or tap here to enter text. Page 1 of 9 Semester 2, 2020 BULAW3731 Income Tax Law and Practice nuortion