Queensland’s 491 – Small Business Owners pathway: Changes You Need to Know About

Queensland’s 491 – Small Business Owners pathway: Changes You Need to Know About


If you are currently living and operating a small business in a regional area in Queensland, there are some changes to the 491 – Small Business Owners pathway you should take note of.

From 1 April 2021 the pre-existing business purchased will need to have been in operation for 2 years. Prior to this date, the requirement was only 1 year.

Moreover, there needs to be a minimum purchase price of $100,000. Before 1 April 2021, the total investment in the business needed to be $100,000.

Furthermore, sub-leases of franchises (such as petrol stations), and home-based businesses (such as courier and cleaning businesses) will not be considered.

These requirements are aimed at ensuring the program is sustainable in the long-term.

Businesses that were purchased prior to 1 April 2021 are not subject to these requirements.

 

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