Closing or selling a business – Which One is Better?
Sometimes you realise it is time to move on and you have to consider selling or closing a business. The main things you will have to look at is the tax implications.
When you decide to stop trading, you will have to cancel your ABN– Australian business number within 28 days and ensure that payments are up to date.
It is also important that you look at your final activity statement and sort out the goods and service tax. You will also have to put in a last tax return.
Depending on where you live, there may be special regulations you have to follow when closing a business. Working together with our office is recommended especially if you plan to close your business.
Remember that when you sell off assets after closing a business, there may be Capital Gains Tax to pay.
There is a time limit involved in certain areas, as GST registration must be cancelled within 21 days.
Your records of your business must be kept for a minimum of 5 years.
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