Pharmacy Business Ownership Changes: The Deadline is Approaching

James Creevy, current as of: 24 September 2026.

Nearly a year ago, key provisions of the Pharmacy Business Ownership Act 2024 (Qld) (the Act) commenced, replacing the Pharmacy Business Ownership Act 2001 (Qld) and reshaping the rules around who can own a pharmacy business in Queensland – including how companies and trusts can be structured to hold such interests.

For most existing pharmacy business owners, the transitional period to bring trust deeds and company constitutions into line with the Act by 1 November 2026. With that date now only weeks away, pharmacy owners, and the accountants, lawyers and advisers who act for them, should treat this as a priority to ensure structures are compliant by 1 November 2026.

If your clients’ structures that own or hold an interest in a Qld Pharmacy business haven’t yet been amended, now is the time to act.

A Quick Refresher: What the Act Requires

The Act clarifies existing ownership requirements and introduces the concept of Material Interest. Under the Act, pharmacy ownership is restricted to:

  • practising pharmacists;
  • companies whose directors and shareholders are all practising pharmacists; and
  • companies owned by practising pharmacists (holding a majority shareholding and all voting shares) together with their close adult relatives (a spouse or adult child).

A person can only hold a Material Interest in a pharmacy business if they are a practising pharmacist, or a close adult relative of one who holds an interest in the business. A Material Interest arises where a person:

  • is a shareholder of a company that owns or holds an interest in a pharmacy business;
  • is a beneficiary of a trust that owns or holds an interest in a pharmacy business; or
  • holds any other interest in a pharmacy business entitling them to a share of its profits or takings.

Why This Still Matters for Companies and Trusts

The practical impact hasn’t changed since the Act commenced, but the urgency has:

  • New structures established to own a Queensland pharmacy business must already comply with the Act’s requirements.
  • Existing structures – particularly discretionary trusts and companies holding pharmacy interests – need their constituent documents (trust deeds and company constitutions) amended before the 1 November 2026 deadline, where transitional relief applies.

One of the most consequential changes is that corporate shareholders and corporate beneficiaries are no longer permitted. For many existing structures, this means more than a document amendment – it may require a genuine restructure to bring shareholders and beneficiaries into line with the Act.

Why Acting Now Matters

With the deadline weeks away, it is expected that there will be a large influx of amendment requests so it is important to start the process immediately before time runs out. Structures that haven’t been reviewed may fall out of compliance the moment the transitional period ends, exposing pharmacy owners to potential penalties. Restructuring, where required, also takes time to plan and implement properly, particularly where corporate beneficiaries or shareholders need to be removed and replaced with compliant arrangements.

How Acis Can Help

Acis’s legal team can assist accountants, lawyers and wealth advisors, and their pharmacy clients, with:

  • Reviewing existing trust deeds and company constitutions to identify non-compliant provisions ahead of the deadline;
  • Drafting and implementing amendments to bring existing structures into line with the Act’s ownership and Material Interest requirements;
  • Establishing new structures – companies and trusts – with documentation built to be compliant with the Act from the outset, for pharmacy owners setting up new ownership arrangements.

If your clients’ structures haven’t been reviewed yet, get in touch with our legal team before the deadline closes.

Acis does not provide advice in relation to commercial law, taxation, duty, company law or any other matter. We do not purport to provide advice nor should you construe anything in any correspondence with us, or material provided by us, as advice of any kind.
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