Business assets toolkit

As a registered self assessor, you must use OSRconnect to assess dutiable transactions involving Queensland business assets.

Business assets are any of the following:

  • goodwill
  • 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 with other types of dutiable property. Find out more about transfer duty on business assets.

Assessing transfers of business assets

Follow our step-by-step procedure on how to assess a transfer of business assets in OSRconnect.

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.

Non-Australian entity

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 electronic annexure is generated through OSRconnect. Select the email option when entering the transferor's email address. 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 OSRconnect.

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.

Public rulings

You may find the following public rulings useful when self assessing business asset transactions:

Also consider...

Contact

Office of State Revenue
For transfer duty self assessment queries:

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.