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Bruce Mulvaney & Co​


Tel: (03) 9896 9000
Mob: 0418 848 212

Fax: (03) 9896 9001

Email Bruce Mulvaney

Level 4, 858 Glenferrie Rd,

Hawthorn, Vic, 3122

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Liability limited by a scheme approved under Professional Standards Legislation                                                                                                                      © 2020 by Bruce Mulvaney & Co

November 18, 2016

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Recent News

Closing, selling or changing your business structure?

October 15, 2015

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:


  • sole trader to a partnership

  • partnership to a company

  • sole trader to a company.


3.  Cancelling your ABN will save you time and effort because it automatically cancels other registrations as well, including:


  • goods and services tax (GST)

  • luxury car tax (LCT)

  • wine equalisation tax (WET)

  • fuel tax credits (FTC).


4.  Before cancelling your ABN, check you’ve finalised all of your tax obligations such as:


  • lodging your BAS

  • lodging your pay as you go (PAYG) withholding reports

  • paying outstanding tax debts.


5.  You may also be required to repay a proportion of GST credits you have previously claimed on any business assets/stock you retain.



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