When closing your business you have a number of obligations to the Australian Taxation Office (ATO) to address. These requirements are legally binding and include the following:
- Lodging final returns
Lodge all activity statements, address your pay as you go (PAYG) withholding obligations and ensure any tax liability is met.
- Canceling GST registration
Notify the ATO within 2 days of ceasing trading.
- Canceling your ABN
Notify the ATO within 28 days of ceasing business.
- Record retention
Under Australian taxation law you are required to retain all business records for five years. This includes sales, payments to employees and payments to other businesses.
To find out more about the tax implications of closing your business visit the ATO website