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 $450,000, but not required in NSW. They are prepared by the vendor’s accountant/tax agent and show weekly returns. Licensed premises are generally exempt.
- There are no reciprocal arrangements for RSA holders in NSW and Vic. You will need to do the course again if you change states.