Business assets toolkit

As a registered self assessor, you must use QRO Online to assess dutiable transactions involving Queensland business assets.

Business assets are any of the following:

• goodwill
• a statutory business licence
• a right to use a statutory business licence
• a business name
• a right under a franchise arrangement
• a debt of a business if the debtor lives in Queensland
• a supply right of a business
• intellectual property
• personal property in Queensland.

In certain cases, business assets are not dutiable unless they are included with transactions involving other types of dutiable property. Find out more about transfer duty on business assets.

Assessing transfers of business assets

Here are some tips to help you self assess this type of transaction in QRO Online.

How to lodge online

You must complete all mandatory data fields under each tab in QRO Online. Mandatory fields are marked with a red asterisk. There are some specific data requirements.

• Select Transfer of business assets as the Transaction class.
• Select the relevant transaction from the Type of dutiable transaction drop-down list.
• Select Queensland business asset as the Type of dutiable property.
• Complete the lot and plan details if you answer Yes to the question: Does this transaction include real property? (This does not apply for a transfer of lease.)
• If you answer No to the question: Does this transaction include real property? because land is not being transferred with the business, complete the detailed description with information about the business assets being transferred and details of any documents that go with the main contract, for example, the transfer of a lease or water allocation.
• Enter the value of the business goodwill and intellectual property. These amounts must be included as part of the consideration or unencumbered value. If GST is payable under the business contract as part of, or in addition to, the stated consideration, then you will assess duty on the total (including GST).

Stamping pursuant documents

If you need to assess a document that is pursuant to a business assets transfer, you must stamp the pursuant documents with the same transaction number as the agreement (once transfer duty has been paid on the agreement).

You do not need to endorse documents that are not pursuant to a transfer of business assets but are executed in conjunction with the business transaction (e.g. deeds of consent, or guarantees), because these documents do not attract duty.

Transactions including vehicle registrations

If a transfer of a vehicle is included in a business contract, you must self assess the business contract, then lodge the following documents with us so we can assess vehicle registration duty:

• a copy of the stamped business contract
• the vehicle registration transfer application, stating the value of the vehicle (if not stated in the business contract). If you have lodged the transfer application with the Department of Transport and Main Roads, provide a copy and a receipt of payment
• a covering letter outlining
  • the documents you have lodged
  • your name and return address
  • the vehicle registration number
  • the value of the vehicle and the number of cylinders.

If several vehicles are being transferred, it is helpful to provide a spreadsheet with the relevant details. We cross reference the details in the covering letter with the information on the transfer form.

The vehicle registration duty will be reduced by the amount of transfer duty that was paid for the vehicle as part of the business contract. There may still be some duty payable on the registration or transfer of the vehicle.

If the vehicle registration duty has already been paid, the credit will be applied to any outstanding duty on the business contract.

Refer to section 384 of the Duties Act 2001 for the reduction of vehicle registration duty.

Learn more about vehicle registration duty.