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Buying or selling a business is significant for both the buyer and seller. Tax is treated differently depending on whether the sale involves assets or shares. Both asset and share sales can be a mix of taxable and non-taxable parts.

It’s important to set up your business sale or purchase the right way so that you:

  • pay the right amount of tax
  • get the right after-sale profits and tax benefits (like GST refunds, claiming depreciation or allowable expenses against your income).

The information here is a general overview of common tax issues you should be aware of.

Getting these wrong can lead to an unexpected tax bill, so it’s best to talk early with a professional tax advisor to make sure you get the details of your sale right from the start.