NEW SOUTH WALES
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Buying a business in New South Wales has a number of steps. Whether you are buying in the capital city region of Sydney or a country town it's important to understand the process.
Bsale has put together a helpful guide to assist you in your journey to buy a business in NSW.
In New South Wales, there are currently over 3,000 businesses listed for sale on Bsale. Buying an existing business allows you to buy elements such as established systems, processes, client databases, distribution channels, branding and more. To find a business for sale in NSW, simply start typing New South Wales into the location and hit ‘Go’; you can then narrow it down by keyword, category or price.
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In NSW you will find various types of businesses for sale from small owner-operator businesses to large companies.
Here are the top 8 types of businesses for sale in New South Wales;
Bsale makes it easier for buyers to find a suitable business by searching via a specific suburb or region. In NSW, we have the following regions;
Capital gains tax applies to a business sale in NSW. There are currently four small business concessions that could reduce your CGT payable. It's important to engage an Accountant who will guide you through the process of selling a business and assess your tax obligations. There may be tax exemptions available, and it's important to check the current requirements when you are selling a business. A helpful section on the ATO website outlines what happens when changing, selling or closing a business.
In NSW, all business brokers must be licensed to operate on your behalf. Fair Trading is the governing body that oversees the licensing of business brokers in NSW. A business broker’s license is referred to as; Class 2 Agent - Real Estate – Business Agent or Class 1 Agent - Real Estate - Business Broking. A certificate holder, known as an Assistant Agent, cannot enter into a sales agreement or an agency agreement.
You can check a business brokers license here via Revenue NSW.
State nomination is required for people looking to migrate to NSW on a business visa. NSW has business investment and migration visas available. Visa’s may be provisional, temporary or permanent. It is important to work with a business broker and migration lawyer to ensure you meet the eligibility requirements. Visas regularly change, so it is important to obtain professional advice.
Full details on current visa options can be found on the NSW Government Website.
‘When you buy a business in NSW, you must pay transfer duty if the sale includes land or an interest in land, such as a lease… Transfer duty is due three months after you sign the business sale agreement.’ Revenue NSW. The transfer duty, or sometimes known as stamp duty, can apply to assets used to run the business such as; equipment and computers. It can also apply to shares and property. There is a helpful Transfer Duty Calculator available by Revenue NSW that will help you estimate the amount of duty you need to pay to transfer a business in NSW. It's important to seek professional advice when buying a business, especially an accountant who will help you understand your tax obligations.