Closing Your Business?

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.

Acro Accounting & Financial Planning (AAFP) offers a one stop solution right from accounting, taxation, financial planning to other business advisory services. As Certified Practicing Accountants (CPA’s) and professional tax advisors, we pride ourselves on being experts with the latest developments relating to business and taxation. We as professional public practice firm, provide high quality taxation and business advice to our clients through a personalised service at competitive rates.

Share with your friends

Related Articles

Closing Your Business?
Get your books in order now for your monthly activity statement due on the 21st. We can help make sure you are ready for lodgement day. Talk to us. #smallbusiness
Your September quarter superannuation guarantee contribution is due soon
Review your superannuation reports now for your quarterly superannuation guarantee contribution. Need help? We can assist with reviewing your super setup or preparing the lodgement. #smallbiz
Tax tips for self-managed superannuation funds
Are you spending too much time on SMSF management? It’s not easy to get all the details right, especially if your fund has changed operations over time.
Small business bookkeeping – Here's how
Bookkeeping has gone from hand-written ledgers to high-tech automation – but it’s just as important for a small business as ever. Want to get your head around keeping good financial records? Start here.

CONTACT US

Postal Office Park Unit 5A, 2994 Logan Rd

Cnr Lexington Rd, Underwood QLD 4119

P.O. Box 1147, Springwood QLD 4127

Mon-Fri, 8am-5pm

Sat, 8am-12pm

DISCLAIMERS

Legal Advice Disclaimer

The information on this website is of a general nature only and has been prepared without taking into account your particular objectives, financial situation or needs.


Before selecting any product or service or acting on any advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs.


If any information in this publication relates to a particular product or service, you should obtain any relevant disclosure statement for that product or service before making a decision about whether to acquire the product or service.

Liability limited by a scheme approved under Professional Standards Legislations.

Corporate Authorisation Representative

Mohammed Saheed (308525) and Acro Financial Services Pty Ltd t/a Acro Wealth Management (1246594) are Authorised Representative of Lifespan Financial Planning Pty Ltd ABN 23 065 921 735, AFSL No. 229892, ACL No. 229892, Level 23, 25 Bligh Street, SYDNEY NSW 2000.

© 2021 Acro Accounting & Financial Planning

Pin It on Pinterest

Share This