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Buying a business in Victoria has a number of steps. Whether you are buying in the capital city region of Melbourne or a country town like Bendigo 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 VIC.
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.
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Capital gains tax applies to a business sale in Victoria. 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 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. Full details of current visa options can be found on:
‘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.
Selling a business in Victoria 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.