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Transfer duty on buying or restructuring a business
When you buy (or acquire) a Queensland business, you may be liable for transfer duty on the transfer of business assets.
'Business assets' are any of the following:
- 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
- personal property in Queensland (e.g. trading stock or plant and equipment).
Generally, when you buy a Queensland business, you will enter into a contract or an agreement. The agreement should outline the business assets that are being transferred (e.g. business name, goodwill, stock in trade).
If your business assets transaction is dutiable and you do not lodge it for assessment, you may be liable for unpaid tax interest and penalties on the unpaid duty.
This guide explains how to determine if a business asset transfer is dutiable, how to calculate the duty and what documents you need to lodge for assessment or exemption for a restructure.