Business assets toolkit
As a registered self assessor, you must use OSR Online to assess dutiable transactions involving Queensland 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.
In certain cases, business assets are not dutiable unless they are included with transactions involving other types of dutiable property. Find out more about transfer duty on business assets.
Assessing transfers of business assets
Here are some tips to help you self assess this type of transaction in OSR Online.
How to lodge online
You must complete all mandatory data fields under each tab in OSR Online. Mandatory fields are marked with a red asterisk. There are some specific data requirements.
- Select Transfer of business assets as the Transaction class.
- Select the relevant transaction from the Type of dutiable transaction drop-down list.
- Select Queensland business asset as the Type of dutiable property.
- Complete the lot and plan details if you answer Yes to the question: Does this transaction include real property? (This does not apply for a transfer of lease.)
- If you answer No to the question: Does this transaction include real property? because land is not being transferred with the business, complete the detailed description with information about the business assets being transferred and details of any documents that go with the main contract, for example, the transfer of a lease or water allocation.
- Enter the value of the business goodwill and intellectual property. These amounts must be included as part of the consideration or unencumbered value. If GST is payable under the business contract as part of, or in addition to, the stated consideration, then you will assess duty on the total (including GST).
Stamping pursuant documents
If you need to assess a document that is pursuant to a business assets transfer, you must stamp the pursuant documents with the same transaction number as the agreement (once transfer duty has been paid on the agreement).
You do not need to endorse documents that are not pursuant to a transfer of business assets but are executed in conjunction with the business transaction (e.g. deeds of consent, or guarantees), because these documents do not attract duty.
Transactions including vehicle registrations
If transfers of vehicle registration are included in a business contract, you must self assess the business contract, then lodge the following documents with us so we can assess vehicle registration duty:
- a copy of the stamped business contract
- the vehicle registration form, stating the number of cylinders and value of vehicle (if not stated in the business contract).
After this assessment, the purchaser will receive a credit for the transfer duty paid for the vehicles included in the business contract.
When a transaction includes real property, each transferor and transferee must declare whether they are a non-Australian entity.
A non-Australian transferor or transferee must complete an identity details annexure.
For transferors, an email is automatically generated through OSR Online when the transaction is lodged, asking the transferor to complete an online identity details annexure. Contact us for help if you cannot obtain the transferor's email address.
Transferees must complete an identity details annexure and you must enter these details in OSR Online.
Records you need to keep
For this type of transaction, you must keep a completed dutiable transaction statement (Form D2.2) and a stamped copy of the business contract. If there is no business contract, you must keep a completed transfer duty statement (Form D2.3).
If the business is sold to a related or associated party, you must also keep:
- evidence of value of all assets of the business given by an independent person who is competent to assess their value
- a detailed valuation of goodwill by a practising accountant, supported by financial statements for the previous 3 years (where applicable).
You will otherwise need evidence of value for your records when:
- there is no stated consideration for the transaction
- the consideration cannot be determined when the liability for transfer duty arises.
For a transaction involving real property, you must keep the identity details annexure for each non-Australian transferee.
You may find the following public rulings useful when self assessing business asset transactions:
- Transfer duty on dutiable transactions subject to GST (DA011.1)
- Amounts payable by a purchaser under a special condition of an agreement which are in addition to the purchase price (DA012.1)
- Business assets - residence of a company (DA035.1).
- See the data entry standards for OSR Online.
- Refer to section 35 of the Duties Act 2001 for the definition of business assets.
- Read the transfer duty rates or use the transfer duty calculator to work out a duty liability.
- Get help with OSR Online.
- View the list of approved transactions for self assessors.
- Last reviewed: 14 Oct 2020
- Last updated: 14 Oct 2020
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Office of State Revenue
For transfer duty self assessment queries:
- call 1300 132 685
- email firstname.lastname@example.org.
For queries on payroll tax, land tax and royalties:
- call 1300 300 734 (Australia) or +61 7 3179 2500 (overseas)
- send an email using our online enquiry form.