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  • #1000308
    Andrew1960
    Member
    • Total posts: 22

    Hi guys,

    In the state of Queensland are there any big fees associated with buying a business that I should be aware of?

    I’m fairly certain stamp duty has been eliminated but don’t want to be caught off guard. The business is priced at $5,500,000 and is ‘going concern’.

    Thanks

    (actually I think I’m wrong about stamp duty)

    #1223810
    bb1
    Participant
    • Total posts: 4,472

    I would be checking out the Queensland business website, I know our state one is an excellent resource for information. Plus if you have a good accountant and solicitor (which you will need both anyhow), they should be able to provide some advise

    #1223811
    LucasArthur
    Participant
    • Total posts: 3,158

    Howdy Mate,

    At 5.5 Million, i would have an accountant cast their eyes over this and ensure you are crossing all the t’s and dotting all the ‘i’s…

    Know its not the answer you were looking for, although getting the calculations wrong at that value.. ouch

    Jason

    #1223812
    Paul – FS Concierge
    Moderator
    • Total posts: 3,117

    It sounds like you are asking the question without having been to an advisor for professional Due Diligence.

    A lot of people know how to make a Balance Sheet look better than it actually is.

    For this reason, it might be worthwhile seeking a second opinion and you can include your questions in the advice you seek.

    Good luck.

    #1223813
    Andrew1960
    Member
    • Total posts: 22

    Thanks for the comments.

    I’ll definitely be speaking to a solicitor and my accountant.

    #1223814
    businesstrade
    Participant
    • Total posts: 210
    Andrew1960, post: 270524, member: 102355 wrote:
    Hi guys,

    In the state of Queensland are there any big fees associated with buying a business that I should be aware of?

    I’m fairly certain stamp duty has been eliminated but don’t want to be caught off guard. The business is priced at $5,500,000 and is ‘going concern’.

    Thanks

    (actually I think I’m wrong about stamp duty)

    Speak to a professional – solicitor & accountant before making such a large acquisition.

    Making assumptions based on information provided online could be extremely costly when dealing with such large figures.

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