Queensland’s pharmacy landscape is undergoing a significant shift with Pharmacy Business Ownership Act 2024 passed by Parliament, superseding the 2001 legislation. This new Act aims to modernise and clarify the rules surrounding pharmacy ownership, introducing key changes that are expected to come into effect around 1 July this year. Notably, the Act restricts ownership to practising pharmacists, companies fully owned and directed by practising pharmacists and companies majority-owned by practising pharmacists and their close adult relatives. A new concept of “Material Interest” further limits who can hold a significant stake in a pharmacy business, encompassing shareholders, trust beneficiaries and those entitled to profits.
For those currently operating pharmacy businesses through company or trust structures in Queensland, these changes require a review of your existing structures. You may need to take action to amend constituent documents, including trust deeds and company constitutions, to ensure compliance with the new ownership restrictions. While some transitional arrangements may be in place, proactive steps to update these documents are strongly recommended to avoid potential penalties.
Our team is ready to assist you in navigating these changes and ensuring your structures align with the Pharmacy Business Ownership Act 2024. Please reach out to us to discuss your specific circumstances and how we can support you through this transition.
The information (including taxation) contained on this website is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. DLA Partners strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.