Squad 1: Selling or closing a small business in Queensland

The first squad developed recommendations on how to reduce red tape when selling or closing a small business in Queensland. The top problems we discovered were that small business owners:

  • find selling or closing a business difficult to get right because of the complexity
  • need to contact multiple regulators, sometimes with the same information
  • don't seek appropriate professional advice throughout the process
  • don't want to contact government agencies for help or support.

We've worked with various government agencies to implement the fix-it squad’s recommendations to address these problems. These are outlined in the table below.

Squad recommendation


1. Give small businesses the option to stop the ASIC business name transfer process when the sale of the business doesn't go ahead.

Completed: Stop your business name transferExternal Link on asic.gov.au

2. Revise business.gov.auExternal Link content to make the process clearer, and link to relevant content on other appropriate government websites.

Completed: Selling or closing your business External Linkon business.gov.au

3. Develop a cross-agency webcast that discusses the end-to-end process of selling or closing a small business to help small business understand the regulatory requirements.

Completed: Selling or closing a small business webcast

Some recommendations from the first squad were already in progress across various government agencies including:

  • the development of a calendar/reminder app, which you can now find in the ATO app Key dates tool.
  • a whole-of-government registration portal where small business can update their details once and it is shared across all participating government agencies..

See also:

    Last modified: 05 Sep 2016QC 47238