We hold appropriate Real Estate Licenses and operate in both New South Wales and Victoria.
Some of the key differences between the states that we encounter are:
- There is (generally) no stamp duty payable on the sale of businesses in Victoria. There may be duty payable however on the real estate component of a freehold sale.
- Licensing of footpath alfresco areas. This is carried out by local government in NSW, and operators are charged usually say $20 per chair or table per annum. In Victoria this appears to be a flat $26 fee, a significant saving.
- Vendor disclosure statements (S. 52). These are mandatory in Victoria for smaller businesses up to $200,000, but not required in NSW. They are prepared by the vendor’s accountant/tax agent and show weekly returns. Licensed premises are generally exempt.
We will keep providing helpful information on our webpage as changes of this nature occur.
NB. Please note this advice is of a general nature only and legal advice should be sought before and during the the sale process.