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Capital gains tax applies to a business sale in Western Australia. 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 Western Australia, there are over 1,000 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 WA, simply start typing Western Australia, 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 Western Australia can be done by the business owner or by engaging a licensed WA 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 WA 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 Western Australia, all business brokers must be licensed to operate on your behalf. Commerce WA oversees the licensing of real estate agents and business brokers in WA. When you search for a business broker, you will need to select ‘Real Estate & Business Agent Licence’. You will then enter their surname or license number. If they hold a valid license, it appears as ‘current’ with an expiry date. You can check a WA business brokers license here.
The following provisional (temporary) business visas require nomination from the Government of Western Australia. The Business Migration Centre (BMC) is responsible for approving State nomination on behalf of Western Australia’s Government. It is important to work with a business broker and migration lawyer to ensure you are meeting the eligibility requirements of the visa.
Visa 188 Business Innovation and Investment - Business Innovation Stream
Visa 188 Business Innovation and Investment - Investor Stream
Visa 188 Business Innovation and Investment - Significant Investor Stream
Permanent business visas are granted to high calibre business migrants or holders of provisional business visas who have successfully managed a business or investment in Western Australia.
The following permanent business visas require nomination from the Government of Western Australia. The Business Migration Centre (BMC) is responsible for approving State nomination on behalf of the Government of Western Australia:
Visa 132 Business Talent – Significant Business History Stream
Visa 888 Business Innovation and Investment - Business Innovation Stream
Visa 888 Business Innovation and Investment - Investor Stream
Visa 888 Business Innovation and Investment - Significant Investor Stream
Visa 132 Business Talent - Venture Capital Stream
Visa 892 State Sponsored Business Owner
Visa 893 State Sponsored Investor
Full details on current visa options are available on The Business Migration Centre (BMC)
In Western Australia, stamp duty is payable on the sale of business assets WA Government. Other taxes may apply, such as Land Tax and Payroll Tax. Business assets include items such as; goodwill, restraint of trade arrangements, business identity, business licence and intellectual property. Concessional rates are available. You can obtain an estimate of the transfer duty via this calculator.
Bsale makes it easier for buyers to find a suitable business by allowing them to search via a specific suburb or region. In WA, we have the following regions; Albany + Southern, Bunbury + South West, Coral Coast + Mid West, Kalgoorlie + Goldfields, Kimberley, Perth, Pilbara and Wheatbelt. To search a particular region, simply type the region name into the location field and hit ‘Go’.