For transfers of land or land use entitlement upon which a business is conducted, the unencumbered value of that land may be difficult to determine.
The Duties Act 2000 does not charge duty separately on the sale of a business, but the presence of a business may affect the value of the land.
- The Digital Duties Form.
- A copy of the contract of sale, including all the special conditions.
- A copy of a sale of business agreement (if any), including a breakdown of the values attributed to the 'plant and equipment' and the 'goodwill'.
- Any valuation of the unencumbered value of the land transferred with the business and the basis of that valuation, if required – see Revenue Ruling DA-029.
- Where the value of the land, business and goods exceeds $1 million, a valuation is required.
- A valuation will also be required if the transaction involves:
- Related or associated persons.
- A transfer of a fractional interest.
- The declared value does not reflect the market value in view of the capital improved value (CIV).
- A valuation may be required in any other circumstances in which the Commissioner considers it necessary.
- In addition, for transfers of land use entitlement, please provide:
- The share transfer.
- The constitution or memorandum of articles of the company in which the shares are in.