Selling

The Transfer of a business is a specialist area of Conveyancing, and it will inevitably create a tax situation. Adcock’s has vast experience in business settlements; from delis to a nursing homes, Adcock’s will work with you and your accountant to ensure a smooth settlement

 

Frequently Asked Questions

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Depending on the nature of the business and the Purchasers prior experience, you may wish to remain on for a period after settlement. This time gives you and the Purchaser the opportunity for a smooth handover and for them to understand the current methods and systems used. If you plan to take this option, you should consider whether and how you Vendor will be remunerated. This provision should be made for in the Contract; however, if it has not, we will be able to negotiate on your behalf to make the necessary change. Contact us and we’ll help you assess which option is best for you.
Depending on the nature of the business and the Purchasers prior experience, you may wish to allow them to take possession and work in the business for a period before settlement. This time gives you and the Purchaser the opportunity for a smooth handover and for them to understand the current methods and systems used. If you plan to take this option, you should consider whether and how you will remunerate the Purchaser for their time, who will retain the profits for this period and if the you will remain on after settlement. This provision should be made for in the Contract; however, if it has not, we will be able to negotiate on your behalf to make the necessary change. Contact us and we’ll help you assess which option is best for you.
Any investment will inevitably have an affect on your tax situation and the sale of a business is no different. Before proceeding with a sale, you should seek the advice from a qualified taxation expert. Things that should be considered include:
//Q is the purchase subject to GST
//Q who is to bear the CGT (if any)
//Adcock’s are not taxation experts or financial advisors; however we are more than willing to discuss with you or your accountant any issues you may have. If you do not have a taxation expert you can speak to, click here for our recommendation Adcock’s do not receive a fee or commission for its referrals
A Form 2 , also known as the Vendor Disclosure Statement, discloses all details known particulars in relation to the business. It should also have attached a certificate signed by your Accountant certifying // that the accountant or a person acting on behalf of the accountant has examined the accounts of the business; and // that the financial particulars disclosed appear to be in conformity with the accounts The Form 2 must be issued to the Purchaser upon the sale of a business, where the sale and purchase price is under $200,000. The Vendor is required to sign to confirm its accuracy, and the Purchaser is required to sign to confirm receipt. The disclosure should include any notices issued to the business for breach of legislation, details on the lease how the business operates (company / sole trader) whether the Vendor works in the business etc. Purchasers are entitled to have five clear business days, after the Form 2 has been signed, to consider whether they want to continue with the purchase. This “Cooling Off” period is not available where a business is purchased as a result of a tender or exercised right to purchase. Contact us and we’ll have a Conveyancer look at the Form 2 before you sign any Contact.
An Assignment of Lease will require to be prepared, this will transfer the existing Lease to the new owners. As Leases can vary in the Terms and Conditions please contact us to discuss your situation.
Not necessarily. Adcock’s are not qualified taxation experts and you will need to seek the advice of your Accountant.
If the Contract is to be made subject to GST, you will need to provide a Tax Invoice to the purchaser. Adcock’s will work with your Accountant to ensure this is prepared and delivered as required at settlement. If you do not have a taxation expert you can speak to, click here. Adcock’s do not receive a fee or commission for its referrals.

 
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