Selling or closing your business
Are you?
– Thinking of selling or closing a business?
At a glance:
– The Tax Office website provides guidance for business owners selling or closing a business.
You should:
– Be aware of your responsibilities as a business owner.
– Contact us if you require any clarification or advice.
The Tax Office provides business owners an overview of tax related issues that may need to be addressed prior to the sale or closure of a business.
Things business owners should consider when selling or closing down a business, include:
- Paying capital gains tax (CGT) on sale of assets;
- Lodging and paying any outstanding activity statements and instalment notices;
- Paying any outstanding superannuation;
- Lodging final tax returns;
- 5 years business record keeping; and
- Cancelling Australian Business Number and other registrations.
GST registration must be cancelled within 21 days of ceasing a business while an ABN cancellation is within 28 days.
Remember:
– To keep business records for at least five years after ceasing a business.
This article was published on 30/10/2016 and is current as at that date
This article is not a substitute for independent professional advice. We do not warrant the accuracy, completeness or adequacy of the information or material in this article. All information is subject to change without notice. We and each party providing material displayed in this article disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. You should make your own enquiries before entering into any transaction on the basis of the information or material in this article. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.