The ATO regularly produces informative videos to help you navigate key events in running a SME business.
This short presentation shares some of the actions you need to take and aspects you should be aware of when closing, selling or changing your business structure:
1. You need to cancel your ABN after you’ve sold or closed your business.
2. You may also need to cancel your ABN if your business structure changes – for example:
3. Cancelling your ABN will save you time and effort because it automatically cancels other registrations as well, including:
4. Before cancelling your ABN, check you’ve finalised all of your tax obligations such as:
5. You may also be required to repay a proportion of GST credits you have previously claimed on any business assets/stock you retain.