Selling a business in Australia in 2026 typically closes in 60-120 days with a buy-side advisor — vs 9-12 months with a traditional broker. The buyer pays our fee at closing, so Australia owners pay zero. Below: who’s buying in Australia, what they pay, and how to avoid the standard 6-12% broker commission entirely.
Quick Answer
Australian SMB home-services businesses typically trade at 2.0-3.5x EBITDA for owner-operators, with service-based businesses spanning 2-6x EBITDA. Multiples sit 50-70% of US comparables, driven by a structurally thinner buyer universe. The Small Business CGT Concessions (under the $6M Maximum Net Asset Value or $2M turnover test) can take effective tax to near-zero on qualifying sales. The 50% CGT discount is replaced from 1 July 2027 by cost-base indexation plus a 30% minimum tax — creating a real pre-2027 closing window.
Christoph Totter · Managing Partner, CT Acquisitions
Cross-border lower middle market M&A · Updated May 2026
Australian SMB M&A is in an unusual moment. The 50% CGT discount is scheduled for replacement from 1 July 2027 with cost-base indexation and a 30% minimum tax on net capital gains. The Small Business CGT Concessions survive the reform. Pre-2027 exits are materially more tax-efficient in many fact patterns, creating real urgency for owners considering a sale.
This guide covers what an Australian home-services business is worth in 2026 and how to sell it well. We walk through Australian valuation multiples, the four Small Business CGT Concessions, the asset-vs-share decision, the state-by-state stamp duty variation, the ARCtick refrigerant licensing issue that is deal-critical in HVAC, and the verified Australian buyer landscape.
CT Acquisitions runs confidential, buy-side processes. The buyer pays our fee. No commission, no retainer, no exclusivity contract for the seller.
Australian SMB home-services multiples sit materially below US comparables. Owner-operator trade and construction service businesses typically trade at 2.0-3.5x EBITDA, with service-based businesses across the sector spanning 2-6x EBITDA. The higher end is reserved for businesses with recurring revenue, demonstrated management depth, and normalised EBITDA above AUD $1M. Anything above roughly 4x typically requires a strategic or PE buyer rather than an owner-operator buyer. By contrast, US HVAC SMBs ran around 8x EBITDA in early 2025 and US platform-scale assets have closed in the mid-teens. An Australian owner can realistically expect 50-70% of the US multiple for a comparable business; the gap is driven by a structurally thinner buyer universe.
The Small Business CGT Concessions under Division 152 of the ITAA 1997 are the headline opportunity for Australian sellers. Eligibility requires passing either the AUD $2M aggregated turnover test or the AUD $6M Maximum Net Asset Value test, with the asset qualifying as an active asset. The four concessions are: a 15-year exemption that disregards the entire capital gain if the asset has been held 15+ years and the significant individual is 55 or over and the event happens in connection with retirement; a 50% active asset reduction that combines with the general 50% CGT discount for an effective discount above 75% for individuals and trusts; a retirement exemption with a $500,000 lifetime cap per CGT concession stakeholder, available pre-55 if contributed to super; and a small business rollover that defers gain for two years if reinvested into a replacement active asset.
The 50% general CGT discount applies to individuals, trusts and complying super funds when the asset or shares have been held more than 12 months. Companies cannot use the CGT discount, which is the single biggest reason Australian sellers prefer share sales from individual or trust shareholders or structure exits through family trust holdings. From 1 July 2027, the Federal Budget has signalled the 50% discount will be replaced by cost-base indexation plus a 30% minimum tax on net capital gains; the Small Business CGT Concessions survive the reform. Pre-2027 exits are materially more tax-efficient in many fact patterns, which is a real urgency consideration.
GST is GST-free on a sale of a business as a going concern under Section 38-325 of the GST Act if four conditions are met: the supply is for consideration, the buyer is GST-registered at settlement, both parties agree in writing that the supply is of a going concern, and the seller carries on the enterprise until the day of supply. Stamp duty varies sharply by state: NSW abolished business asset duty (other than land) in 2016 with only a nominal sale-of-business duty, Victoria has no duty on non-land business assets, and Queensland still levies transfer duty up to 5.75% on business assets including goodwill, making QLD the most expensive state for asset sales and pushing many QLD deals into share structures.
What is your Australian business actually worth?
CT Acquisitions runs a confidential, buy-side process. No broker commission, no retainer, no exclusivity contract — the buyer pays our fee.
Employee entitlements transfer under Part 2-8 of the Fair Work Act 2009 when employees move to a new employer within three months of leaving and perform substantially the same work. Long service leave is state-based and transfers with prior service intact; buyer inherits the accrued liability unless seller pays it out at completion. The superannuation guarantee runs at 11.5% currently and rises to 12% from 1 July 2025.
The single most important Australia-specific deal mechanic in HVAC is the Refrigerant Trading Authorisation (RTA) administered by the Australian Refrigeration Council under the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989. The RTA is held by the business and is required to acquire, store and dispose of fluorocarbon refrigerant. A share sale with the same ABN and legal entity generally preserves the existing RTA, subject to ARC documentation review. An asset sale to a new buyer entity typically requires a new RTA, with a real operational gap between settlement and the new RTA being issued. Individual Refrigerant Handling Licences are personal to each technician and non-transferable; losing a key technician at sale can operationally cripple a buyer.
There is no direct Australian equivalent of the US Apex Service Partners or Sila Services PE platforms. The buyer universe is structurally different. Listed strategic acquirers active in adjacent trade services include NRW Holdings (which acquired Fredon, a Sydney-based national electrical, HVAC and infrastructure maintenance group, in 2025 for AUD $122M cash plus up to $18M deferred), Johns Lyng Group (insurance-driven essential home services and strata, acquiring Smoke Alarms Australia and Linkfire for $61.8M plus earn-out), and Service Stream (telecoms, utilities and infrastructure maintenance). At the mid-market PE level, Quadrant Private Equity, Adamantem Capital, Pacific Equity Partners and BGH Capital are active in larger tickets but residential trades roll-ups are not a disclosed strategy for any of them. The wholesale side of HVAC saw Beijer Ref acquire 51% of AAD and HVAC Consolidated in 2022. The relative thinness of the buyer pool versus the US is a major driver of the Australia-versus-US valuation gap and is itself the structural reason Australian sellers benefit most from running a confidential buy-side process that reaches every credible buyer at once.
Australian SMB M&A practice is consistent on federal tax (the Small Business CGT Concessions, the 50% discount, federal GST and Fair Work rules) but state stamp duty and trade-licensing vary significantly. Choose your state:
An Australian SMB home-services sale in 2026 should centre on Small Business CGT Concession qualification, the pre-2027 closing window for the 50% discount, state-specific stamp duty structuring (NSW/VIC favourable, QLD penalises asset sales), and trade-licensing continuity. Australian multiples sit materially below US comparables — running a confidential process reaching every credible buyer (listed strategics, mid-market PE, cross-border) is what closes the gap.
This guide reflects Australian market conditions and tax rules as of May 2026. The 50% CGT discount is scheduled to be replaced from 1 July 2027. Confirm all rates and Small Business CGT Concession qualifying conditions with an Australian tax adviser. Multiples are directional, not a guarantee.
Australian SMB home-services businesses typically sell for 2.0-3.5x EBITDA for owner-operator trades, with service businesses spanning 2-6x EBITDA. Multiples sit 50-70% of US comparables. Recurring revenue, management depth, and normalised EBITDA above AUD $1M move the figure toward the higher end of the range.
Four federal concessions under Division 152 ITAA 1997, available to sellers passing the $2M aggregated turnover test or the $6M Maximum Net Asset Value test: (1) 15-year exemption disregarding the entire gain if held 15+ years and significant individual is 55+ in connection with retirement; (2) 50% active asset reduction, on top of the general 50% CGT discount; (3) retirement exemption with $500,000 lifetime cap per CGT concession stakeholder; (4) small business rollover deferring gain for two years if reinvested into a replacement active asset.
From 1 July 2027 the 50% general CGT discount is scheduled to be replaced by cost-base indexation plus a 30% minimum tax on net capital gains for individuals, trusts and partnerships. The Small Business CGT Concessions survive the reform. Pre-2027 exits are materially more tax-efficient in many fact patterns, creating a real closing window.
ARCtick is the Australian Refrigeration Council’s authorisation regime under the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989. A share sale (same ABN) generally preserves the existing Refrigerant Trading Authorisation. An asset sale to a new buyer entity typically requires a new RTA, with a real operational gap between settlement and new RTA issue. Individual handling licences are personal to each technician and non-transferable.
There is no direct Australian equivalent of Apex Service Partners. The buyer pool includes listed strategics (NRW Holdings acquired Fredon for AUD $122M+ in 2025, Johns Lyng Group, Service Stream), Australian mid-market PE (Quadrant, Adamantem, Pacific Equity Partners, BGH Capital), and wholesale-side acquirers (Beijer Ref acquired 51% of AAD and HVAC Consolidated in 2022).
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Use the links below to jump to the Australia-specific page for your vertical. Each carries jurisdiction-specific PE buyer lists, multiples bands, regulator transfer mechanics, and tax-arbitrage notes.