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  • Do you need to close your business?

    15 November 2022

    Deciding whether you need to close your business can be a difficult decision, so we’ve put together a few key points to help you understand the process.

    If you decide to close your business, remember to finalise your:

    • tax obligations – this may include preparing final accounts, activity statements and income tax returns
    • super obligations – this may include finalising super payments and quarterly lodgments
    • Single Touch Payroll data.

    If you have sold or closed down your business, you need to cancel your GST registration within 21 days and your ABN registration within 28 days of stopping your business activities.

    It’s important to remember you may have GST and capital gains tax implications when you dispose of capital assets related to your business.

    You can contact us for further information or seek professional help and advice from your tax professional to discuss options tailored to your circumstances.

    You can find information, including a handy fact sheet, on pausing or permanently closing your business on our website.

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