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Buying a business in Queensland has a number of steps. Whether you are buying in the capital city region of Brisbane or a coastal town like Cairns 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 QLD.
There are over 2,000 businesses currently for sale in QLD 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 simply start typing Queensland into the location and hit ‘Go’; you can then narrow it down by keyword, category or price.
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‘When you buy (or acquire) a Queensland business, you may be liable for transfer duty on the transfer of business assets’ QLD Government. Business assets can be any of the following; goodwill, a statutory business licence, a right to use a statutory business licence, a business name, a right under a franchise arrangement, a debt of a business if the debtor lives in Queensland, a supply right of a business, intellectual property or personal property in Queensland (e.g. trading stock or plant and equipment). There is a helpful Transfer Duty Calculator available by the QLD Government that will help you estimate the amount of duty you need to pay on the transfer of a business in QLD. It's important to seek professional advice when buying a business, especially an accountant who will help you understand your tax obligations.
Capital gains tax applies to a business sale in QLD. It's important to engage an Accountant who will guide you through the process of selling a business and assess your tax obligations. Exemptions may be 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 QLD, all business brokers must be licensed to operate on your behalf; they are registered as Real Estate agents. The Office of Fair Trading is the governing body that oversees the licensing of real estate agents and business brokers in QLD. When you search for a business broker in QLD by their name or business broker number, it will indicate ‘real estate agent’. You can check a QLD business brokers license here via QLD Government.
State nomination is required if you wish to migrate to QLD on a business visa. Business and Skilled Migration Queensland (BSMQ) manage the nominated visas that are required to run a business or invest in Queensland. It is important to work with a business broker and migration lawyer to ensure you meet the visa’s eligibility requirements.
Selling a business in QLD can be done by the business owner or by engaging a licensed QLD business broker or real estate agent. It is important to have an exit strategy for your business to increase your chance of obtaining an optimum sale price for the business.