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Buying a business in Western Australia has a number of steps. Whether you are buying in the capital city region of Perth or a country town like Broome 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 WA.
Capital gains tax applies to a business sale in Western Australia. 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.
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.
Full details on current visas: The Business Migration Centre (BMC)
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.
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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.
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.
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.