In Victoria, the State Government charges land tax on land that you may own. You may contact us regarding your land tax. You may be entitled to certain exemptions.
Land Tax: Notification by Trustees
If you own land as trustee you have certain obligations to notify the State Revenue Office. Talk to one of our team members regarding these obligations.
Buying a Business
If you are buying an existing business, you should receive at least the following documentation from the Vendor (seller): –
- A Form 19 giving details of the financial position of the business.
- A Section 51 Statement indicating whether the Agent is going to help you with finance.
- The Contract.
- Transfer of the registered business name, if applicable.
- Transfer of any permits or licences, if applicable.
- Transfer of the Lease of the premises.
- Investigate whether the business or any equipment has been encumbered according to the Personal Property Securities Register.
- Transfer of any equipment.
Do NOT sign any documentation without having first obtained legal advice. Only pay any money into a Trust account..
The Contract should include:
- A full description of the business.
- The business name and whether or not it is registered.
- Allocation of the sale: what part is goodwill, stock, plant, equipment.
- Restraint of trade.
- Stock value.
- A provision that the sale is subject to you obtaining finance; assignment of the Lease(s).