1. Stamp Duty.
Payable on Goodwill and Plant. From 1.9% to 5.15%(Sliding Scale)
No stamp duty is due on Motor Vehicles or Stock. Stamp duty also payable on Finance Agreements eg,Loans,Hire PurchaseAgreements,and Financial Leases.
2. Adjustments to Rents,Rates,Land Taxes etc (Usually Prepaid by the Vendor)
Buyer will compensate the Vendor for any unused portion of the above.
3. Settlement Agents Fees;
These are paid by both Seller and Buyer.Normally on sliding scale. For example based on sale price of $100,000,Seller will pay $960 and Buyer $1440. Allow extra for incidentals.Estimated costs only.
4. Stock Taking Fees:
Independent stocktaker charges normally split 50% each to both parties. Charges will vary from minimum of $1500 up to 2.5% of the cost value of the Stock.
5. Lease Negotiation Fees
Charged by Managing Agents for arranging new or assigned leases Charges vary from 8.5% of annual rentals upwards.
6. Legal Costs; eg Settlement via Solicitors
Usually higher than Settlement Agents Fees mentioned above. Other costs include preparing new leases $500-$1000 or lease assignments $500
7. Loan Application Fees eg Borrowing from Financial Institutions
For valuations,legal costs,stamp duties etc. Buyers should allow $1000-$2000
8. Bonds-For Electricity Connection etc
Allow 2 x months electricity charges
9. Professional Service Fees
Accountants.Lawyers,Advisors etc. Allow up to $2000
Did you find this useful? Contact me for further information.
Nick Benwell CA
Mobile: 0402 815005
Email: info@businessmindersperth.com.au
