05/09/2026
Obligations when closing your business π
Closing a business can be a difficult decision. Before you finish up, make sure you understand and meet your legal and financial obligations to help the process run smoothly.
The Australian Taxation Office has guidance to help you understand your obligations around records, tax and registrations during this time.
Here's a quick checklist:
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Keep business records for at least 5 years. Be mindful some records may need to be kept longer than 5 years.
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Finalise your tax obligations, including any outstanding returns and payments, before cancelling your GST registration and ABN.
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Meet your super obligations, including any outstanding employee entitlements.
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Finalise your Single Touch Payroll (STP) reporting if you have employees. This may include lodging a payment summary annual report for payments not reported through STP, and making STP finalisation declaration when you close the business.
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Cancel registrations when you're ready. Once you've met your obligations and organised your records, you can start cancelling registrations such as GST, ABN, PAYG withholding and FBT, where applicable.
Itβs also important to understand any GST and capital gains tax implications that may apply when selling or disposing business assets.
If you're unsure about what you need to do, consider seeking advice from a registered tax professional.
π Find out more about closing your business: http://spklr.io/6185ErUqd