The planned abolition of transfer duty in Western Australia on business assets, such as intellectual property and goodwill, has been keenly followed by many businesses and individuals considering an acquisition or re-structure.
With the introduction of the Duties Legislation Amendments Bill 2013 to Parliament on 22 May 2013, the scheduled abolition of duty on the transfer of business assets is now being unwound, ensuring that these transactions continue to be subject to the payment of transfer duty.
Although transfer duty will continue to apply to business transactions, all businesses should be aware that in certain circumstances concessional rates can apply. One example being for those seeking to purchase assets in a small business, there is a concessional rate applicable if:
- the overall value of the business assets is less than $200,000; and
- the purchaser is not a government entity, and plans to continue to operate the business indefinitely following the acquisition.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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