We know the current environment has been challenging for many businesses and understand that some may be considering the need to close.

Close your business

We are here to support you if you need help.

If you are thinking of closing your business, remember to:

finalise your tax and super obligations, including your Single Touch Payroll data, activity statements and income tax returns
cancel your ABN and GST registrations after you’ve finalised your tax affairs.

Permanently closing

A business closes when the activities related to that business stop – this occurs when all assets are disposed of or converted to another purpose or use, and all tax and super obligations have been met.

Disposal of assets may include sale, scrapping or abandoning.When permanently closing your business, there are several obligations

that need to be finalised.

These may include:

– preparing final accounts, activity

statements and income tax returns

– finalising super payments and

quarterly lodgments (including superannuation guarantee charge statements if obligations have not been met)

– finalising your STP data or lodging

a payment summary annual report

(if you don’t report through STP).

Note: Remember to complete your lodgment and payment obligations before you cancel your ABN or GST registrations.

ABN

If you permanently close your business, it is important that your tax and super affairs are finalised before you cancel your ABN.

You must lodge your final BAS before permanently closing your business. This allows the ATO to finalise your account and issue any refunds that might be owed to you.You must also cancel your ABN registration within 28 days of stopping your business activities.