Lodging your business asset transfer documents

You need to lodge the following with the Office of State Revenue (or with your solicitor) within 30 days of signing the agreement to transfer business assets:

If the business operates outside Queensland, your covering letter needs to include a list of the business assets (including goodwill) and how they are apportioned between Queensland and other jurisdictions.

If the purchaser is assuming a debt of the business, include evidence of the liability assumed (e.g. a letter from the bank detailing the balance owing on the mortgage).

If the business is being transferred between associated or related parties, include:

  • evidence of value of all business assets of the business by an independent person capable of valuing the assets, including accountants and registered valuers
  • a detailed valuation of goodwill by a practising accountant, supported by financial statements for the previous 3 years (only if the business is being transferred between associated or related parties).

After we receive your documents and forms, we will issue an assessment. Your assessment will explain how and when to pay the duty. Alternatively, your solicitor should tell you how much duty you will pay.

Find out more about how to lodge documents for transfer duty assessment.

Unpaid tax interest may also apply if you don't lodge your documents or pay on time.

Businesses that include vehicles

If you are buying a business that includes a vehicle, you need to also give us the:

  • transfer of vehicle registration form(s) stating the number of cylinders or rotors
  • value of the vehicle (if not stated in the agreement).

You may be eligible for a credit if you have already paid vehicle registration duty on the transfer of vehicle registration. To request a credit, include a copy of the receipt issued by the Department of Transport and Main Roads when you lodge your documents.

Contact

Office of State Revenue

  • Call 1300 300 734 (Australia) or
    +61 7 3179 2500 (overseas)
  • Send an email using our online enquiry form.