24/02/2021
BSMQ has announced an update for the 491SBO stream requirement. The $100,000 initial investment amount changes to a minimum purchase price @ $100,000.
any enquires about QLD 491SBO stream, contact us on
07 5591 1899 or [email protected]
Notice about the 491 - SBO (Small Business Owners) Program
From 1 April 2021 - the pre-existing business purchased will need to have been in operation for 2 years instead of 1 year.
There will also need to be a minimum purchase price of $100,000 (rather than total investment in the business).
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.
Please note: businesses that have been purchased prior to 1 April 2021 are not subject to these requirements. however there must be a valid contract provided for the business before this date (i.e. business must have settled).