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When does a Section 52 need to be completed?
A Section 52 – statement by a vendor of a small business, or as it is more commonly known as – a Section 52, is a statement that is required to be completed when a business is sold with a price up to $450,000.
It is usually completed by the Vendor / Seller and their accountant.
From 20 May 2018, the statement must also provide the financial performance for the current financial year up to the most recent quarter.
Importantly, if the statement is not provided to the purchaser, the contract can be voided.
Please refer – Estate Agents Act 1980 – Sect 52 Statement to be given on sale of small business.
If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
Phone +61 3 9428 1062
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