Selling or closing a small business webcast
Before you start the journey of selling or closing your business, make sure you understand the end-to-end process. We've developed a webcast which details your obligations across various government agencies.
The webcast is presented by a panel of experts from the ATO, the Department of Industry and Science, the Australian Securities and Investments Commission and the Fair Work Ombudsman.
You can watch the whole webcast or view the individual segments below.
This segment addresses the various issues to consider when deciding to sell or close a business.
- Doron Ben-Meir from the Department of Industry and Science explains some issues to consider.
- Kelly Canavan from the ATO talks about capital gains tax implications when selling business assets and the concessions available to small businesses.
2. Get ready
This segment explains the steps needed when you have decided to sell or close your business from an employer’s perspective. Lynda McAlary-Smith from the Fair Work Ombudsman talks about employee arrangements and entitlements.
3. Find a buyer
This segment explores the next step in the journey of selling or closing a business - finding a buyer. Doron Ben-Meir from the Department of Industry and Science explains how to attract potential buyers.
4. Contract preparation
This segment looks at the various issues when writing a contract.
- Doron Ben-Meir from the Department of Industry and Science explains what should be included in the contract of sale.
- Rosanne Bell from the Australian Securities and Investments Commission explains how to cancel or transfer a business name.
- Lynda McAlary-Smith from Fair Work Ombudsman talks about employee’s arrangements and entitlements in more detail.
- Kelly Canavan from the ATO looks at GST and the sale of an on-going business.
5. Settlement preparation
This segment explains the settlement process and what’s involved. It looks at the transfer of a business name, corporate keys, employee entitlements and other assets such as leases and domain names.
6. Finalise after sale closure
This segment looks at various matters that need to be addressed once the business has been closed or sold.
This includes dissolving a partnership or the voluntary deregistration or winding up of a company. It also looks at what needs to be done to finalise tax and super obligations including the cancellation of ABN/GST registrations and AUSKeys.
7. Questions and answers
This segment wraps up the final part of the webcast and addresses some of the common questions small business owners ask when selling or closing a business.
The ATO has developed a webcast in conjunction with the Department of Industry and Science, the Australian Securities and Investments Commission and the Fair Work Ombudsman to help you understand your obligations when selling or closing your business.