Liability limited by a scheme approved under Professional Standards Legislation                                                                                                                            © 2018 by Bruce Mulvaney & Co

Bruce Mulvaney & Co​

 

Tel: (03) 9896 9000

Fax: (03) 9896 9001

Email Bruce Mulvaney

Level 4, 858 Glenferrie Rd,

Hawthorn, Vic, 3122

Contact Us
Socialize With Us
Memberships

Whitehorse Business Group

November 18, 2016

Please reload

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:

 

 

 Summary

 

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.

 

 

Please reload

Search By Tags
Please reload

Archive