An agreement for the sale of business assets can be self-assessed if:
- the business assets are purchased from a business operating in Western Australia only
- the purchase doesn’t include land and
- the transaction is between parties at arm’s length.
This applies to transfers, and agreements to transfer, of businesses which operate in Western Australia only. The transfer of a chattel, such as plant and equipment, is a dutiable transaction when the chattel is transferred with a business asset, such as a business identity or goodwill.
Example
ABC Pty Ltd executes a contract to purchase the goodwill and plant and equipment from a company operating in Western Australia. The transaction can be self-assessed.
Use this checklist to see if the transaction can be self-assessed.
- The answers provided by your client must be used when entering the transaction details into Online Duties.
- Please retain a copy of the checklist for auditing purposes.
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