Closing Your Business
If you are planning to close your business, there are a few important things to take care of.
When you’ve put a lot of time and hard work into building a business, sometimes it’s hard to know what to do in difficult times. We can discuss whether alternatives might be appropriate, such as changing operations or structure or pausing the business.
If you have all your financial reports, you could also check the ATO Business viability assessment tool. The online tool asks for basic financial performance and business management information and provides a viability result.
Before closing, you’ll need to manage the process leading up to the closure.
- Decide on the date of closure.
- Sell assets such as equipment, furniture, business vehicles and stock.
- Pay all outstanding bills or talk to us if you’re unable to pay everyone.
- Notify employees, contractors, customers and suppliers.
- Cancel licenses, permits, insurance policies and industry memberships.
- Terminate employees and pay final wages and superannuation.
- Lodge and pay the final business activity statement, tax return and any other forms required. You’ll need to do this before cancelling any registrations or deregistering the company.
- Give notice to commercial premises, disconnect utility services and redirect mail.
- Update or delete the website and cancel social media business accounts.
- Close business bank accounts, online payment gateway accounts and credit cards.
- Disconnect any business services no longer required in your myGovID account.
- Cancel ATO registrations such as PAYGW and GST.
- Cancel your Australian Business Number (ABN).
- Cancel your business name and deregister your company.
Remember, you’ll still need to keep all business records for at least five years.
If you’re not sure about your business’s viability, talk to us for an objective assessment and analysis of options.
If you’re ready to close the business, we’re here to help minimise stress by taking over administrative tasks involved in closing down. Give us call today.
