Transfer duty is a general revenue tax that applies to dutiable transactions over dutiable property in Western Australia. It is a state based tax administered by the Office of State Revenue (OSR) and not the ATO.
Examples of dutiable transactions are:
- Transfers or agreements for the transfer of dutiable property
- Declarations of trust over dutiable property
- Trust acquisitions or surrenders
- Partnership acquisitions
Dutiable property is land in Western Australia or certain rights over Western Australian business assets or chattels.
Business Assets are:
- Goodwill
- A restraint of trade arrangement
- A business identity A business licence
- A right for an uncompleted agreement to supply goods or services
- Intellectual property
- Rent rolls, client lists and similar items
Duty is normally charged at the general rate on the dutiable value of business assets, plus any other dutiable property that is acquired. If the dutiable value of the business is less than $200,000 and the purchaser intends to continue the business indefinitely there is a concessional rate available.
