How should I prepare to end my business?

If you've finally decided to end your business, but don't know where to start, here are some steps you should follow to help you with the process.

Ending your business is just as important as starting one, but many small business owners aren't always aware of the problems they may face when the time comes to wind up shop. There are a few things you should do before exiting your business, such as lodging any relevant forms and notifying relevant parties of your decision.

Here are a few steps you should follow to facilitate the smooth wind-up of your business.

  • Meet your lodgement, reporting and payment obligations you have to any government agencies, in particular the ATO.
    • E.g. business activity statement
    • PAYG reports
    • Pay off outstanding tax debts

  • Cancel your ABN by notifying the ATO and/or the Australian Business Register

  • Cancel your GST registration

  • Notify your state's Department of Commerce (lodge a Notice of Cessation)

  • Notify your employees of your decision to terminate the business
    • Ensure you meet any obligations, e.g. severance pay and leave entitlements

For more information, read Ending your business: What to watch out for >>

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