Land and Business (Sale and Conveyancing) Act 1994

A business is a small business for the purposes of this Act if the business is, or is to be, sold for a total consideration not exceeding—

$300 000 (excluding GST); or

if some other amount is fixed by regulation—that amount.

For the purposes of subsection (1)—

if land is, or is to be, sold in fee simple under the contract for the sale of a business, any component of the consideration attributable to the value of the land is to be disregarded in determining the total consideration for which the business is, or is to be, sold; and

the value of land sold or to be sold in fee simple under the contract will be taken to be—

the value agreed in writing between the vendor and purchaser;

or

in the absence of such an agreement—the capital value determined under the Valuation of Land

Act 1971; and

if stock-in-trade is, or is to be, sold under the contract for the sale of a business, any component of the consideration attributable to the value of the stock-in-trade, determined according to the usual selling price of the stock, is to be disregarded in determining the total consideration for which the business is, or is to be, sold.