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yes and depends on the extent of the loss, GST liability ranks with other unsecured creditors, so if the losses are bad yet you can still clear your mortgages you can spend the money to put the company into liquidation, otherwise the ATO might save you the expense and do it for you

and then all that and more is paid back when they sell. And if they don't sell they pay it back within set timeframes. seriously do you think the govt would just let you claim back all the GST and then wander off into the sunset?