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.