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Capital gains tax applies to a business sale in VIC. There are currently four small business concessions that could reduce your CGT payable. According to the ATO, these concessions currently include; 15-year exemption - if you have owned the business for at least 15 years and are over 55 years; Active Asset reduction - only pay tax on 50% of the capital gain; Retirement Exemption - if you are under 55 and place the money from the disposal into a retirement fund; Rollover - deferring payment for two years whilst you purchase another business. It's important to engage an Accountant who will guide you through the process of selling a business and assess your tax obligations. These exemptions may change, 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 Victoria, there are currently over 2,000 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 VIC, simply start typing Victoria into the location and hit ‘Go’; you can then narrow it down by keyword, category or price. It's a good idea to save your search results and listings so you can easily find them later. Once you have found a suitable business, you can contact the seller via the form. They may request you complete an NDA to keep the business details confidential. You can then discuss the business further and conduct due diligence.
Selling a business in VIC can be done by the business owner or by engaging a licensed VIC 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. Check out Bsale’s 6 Steps to prepare a business for sale, it will provide a check-list and general step by step guide. There are licensed business brokers in VIC who can assist during the sale process and list your business on websites such as Bsale. Check out our ‘find a business broker’ section to find a broker to sell your particular business. Bsale offers advertising to business owners, brokers and franchise groups.
In Victoria all business brokers must be licensed to operate on your behalf. Consumer Affairs VIC is the governing body that oversees real estate agents’ licensing and business brokers in VIC. When you search for a business broker in VIC by their name or license number, it will indicate ‘estate agent’ and ‘status: current’. You will be able to view more details, such as their employer. You can check a VIC business brokers license here via Consumer Affairs VIC.
State or Government nomination is required if you wish to migrate to VIC on a business visa. It is important to work with a business broker and migration lawyer to ensure you are meeting the visa’s eligibility requirements.
The Business Innovation and Investment (Provisional) visa (subclass 188) has five streams available through the Department of Home Affairs' Business Innovation and Investment Program. 188 - Business Innovation stream For those with business skills who want to establish, develop and manage a new or existing business in Australia. 188 - Investor stream For those who are willing to make a designated investment of at least A$1.5 million in an Australian state or territory and maintain business and investment activity in Australia. 188 – Entrepreneur stream - For those who have secured funding of at least A$200,000 from a third party funding body to facilitate the commercialisation of a product or service in Australia or the development of a business in Australia. 188 – Significant Investor stream. For those who are willing to invest at least A$5 million into complying with significant investments in Australia and want to maintain business and investment activity in Australia.
Permanent visas. These visas allow the holder to remain in Australia indefinitely. 892 - Business Owner visa - for those who have owned and operated a business in Australia for at least two years and are sponsored by a state or territory government. 893 - Investor visa - for people who are sponsored by a state or territory government and have held a designated investment in Australia for four years. Business Talent (Permanent) visa (subclass 132) - this visa allows you to establish a new business or develop an existing business in Australia. It has two streams. Business Innovation and Investment (Permanent) visa (subclass 888) This permanent visa allows you to continue to live in Australia and undertake business and investment activities if you are currently on a provisional visa.
Full details of current visa options can be found on Visitor and Investment Visa VIC Government.
‘The Duties Act 2000 does not charge duty separately on the sale of a business, but the presence of a business may affect the value of the land’ State Revenue Office Victoria. Stamp Duty is not charged with selling business assets in Victoria like other states such as New South Wales. There is no stamp duty on the transfers of shares in a company or units in a trust. Victoria does impose stamp duty on certain kinds of dutiable transactions, including property; these are defined in the Duties Act 2000. It's important to seek professional advice when buying a business, especially an accountant who will help you understand your tax obligations.
Bsale makes it easier for buyers to find a suitable business by allowing them to search via a specific suburb or region. In VIC, we have the following regions; Ballarat + Grampians, Bendigo + Loddon Mallee, Geelong + Barwon South West, Trafalgar + Gippsland, Melbourne, Mornington Peninsula VIC and Shepparton + Hume. Search a particular region by simply typing the region name into the location field and hit ‘Go’.