Selling or closing your business
– Thinking of selling or closing a business?
At a glance:
– The Tax Office website provides guidance for business owners selling or closing a business.
– 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.
– To keep business records for at least five years after ceasing a business.