Transfer duty is payable on dutiable
transactions over Western Australian business assets. Business assets
normally charged at the general rate on the dutiable value of
business assets, plus any other dutiable
property that is acquired.
If the dutiable value of the business is
less than $200,000 and the purchaser intends to continue the business
indefinitely there is a concessional rate available. More details can be found
in the Business Acquisitions Fact Sheet.
business operates in Western Australia and interstate or overseas, formulas are
used to allocate the value of certain assets between jurisdictions. For further
information consult section 85 and 86 of the Duties Act 2008, or contact
the Office of State Revenue.
Any person liable for transfer duty on the
purchase or acquisition of a business must lodge the hard copy instrument that
effects the transfer, or a transfer duty statement, with the Office of State
Revenue within 2 months of the initial agreement.
For further information
on transfer duty on the purchase or acquisition of a business, consult the Business Acquisitions Fact Sheet.
If you pay monthly
wages of more than $66,667, or annual wages of more than $800,000, you will have
to register for Payroll Tax.
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