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  • Selling or closing your business

    You may need to deal with a number of tax matters if you:

    • register a business but don't actually start the business
    • change your business entity type because you restructured your business
    • stop operating your business
    • sell the business
    • wind up your company.

    If your business exit is planned, consider the tax implications. We have found that leaving a business is less risky if you work with your tax adviser to address the taxation issues of an exit strategy or succession plan well in advance.

    Your business may have to pay capital gains tax on Norfolk Island business assets you sell. This includes land or buildings, or intangible assets such as patents, licences or goodwill. Some exceptions and concessions apply.

    Remember to keep your business records for at least five years after the end of the financial year in which you sell or close your business.

    If you're selling or closing your business, you'll need to consider:

    • lodging and paying any outstanding PAYG withholding or instalments
    • lodging final tax returns
    • cancelling your ABN and other registrations.

    See also:

    Changing, selling or closing your business

    Last modified: 13 Mar 2017QC 51479