Transfer Duty on Purchase of Business
To calculate transfer duty when you enter into an agreement to transfer business assets, apply the Transfer Duty Rates (see table below) to the dutiable value of the agreement – the greater of the value of the business assets or the consideration paid. If GST is payable, duty must be calculated on the GST-inclusive amount.
Table: Transfer Duty Rates
|Dutiable value||Duty rate|
|Not more than $5,000||Nil|
|More than $5,000 up to $75,000||$1.50 for each $100, or part of $100, over $5,000|
|$75,000 to $540,000||$1,050 plus $3.50 for each $100, or part of $100, over $75,000|
|$540,000 to $1,000,000||$17,325 plus $4.50 for each $100, or part of $100, over $540,000|
|More than $1,000,000||$38,025 plus $5.75 for each $100, or part of $100, over $1,000,000|
For more information on Transfer Duty Rates and Exemptions, please refer to the QLD Government website, click HERE).