Steps that you should know before selling or closing a business :
Lodgement and payment – Business should lodge all lodgements and pay all the required obligations owed to the business account. Some of the lodgements may include
- Business Activity Statements
- Outstanding Instalment notices
- Fringe Benefits tax return
- Final income tax return
PAYG Withholding registration – All the PAYG registration needs to be canceled and this can be done through BAS portal. Contract reliable bookkeeping services on 0432-166-714 if you require any further assistance
- Refunds – Request any refund that Australian Tax office owed to you with final tax position notice.
- Cancel ABN – If you can be completed first 3 steps then you are all good to cancel ABN