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Exemption for small business restructures
Small business owners who restructure their business on or after 7 September 2020 by transferring assets from a sole trader, partnership or discretionary trust structure to a company structure may be eligible for either a full or partial duty exemption on the transfer.
To be eligible for the exemption as a:
- sole trader, you (the individual owner) must be a shareholder of the company.
- partnership, all partners must be shareholders of the company.
- discretionary trust, all beneficiaries must be shareholders of the company.
The exemption doesn’t apply if assets:
- are being transferred from an entity with business assets more than $10 million
- are being transferred from an entity with annual turnover of more than $5 million (we may average the turnover for the previous 3 financial years)
- includes residential property
- are being transferred to a company that has traded before
- are being transferred between companies
- are being transferred out of a company structure.
Full or partial exemption
A full exemption applies if ownership levels both before and after restructure remain the same.
A partial exemption may apply if the existing owners retain ownership but change ownership levels or introduce new owners.
How to claim
Send the following documents to the Office of State Revenue:
- a covering letter setting out ownership levels both pre- and post-restructure
- a copy of your latest full year financial statements
- any agreements or transfer documents
- a completed dutiable transaction statement (Form D2.2) claiming exemption number 58 at question 14
- completed vehicle registration transfer applications (F3520) to claim the vehicle registration duty exemption.
Office of State Revenue
GPO Box 2593
Brisbane QLD 4001