There are a number of tax matters you may require to deal with if you:
- register a business but don’t really start the business
- change your business entity type because you simplified your business
- stop working your business
- sell the business
- Wind up your company.
These tax matters may include:
- cancelling your Australian business number (ABN) and other registrations
- lodging and paying any outstanding action statements and installment notices
- making goods and services tax (GST) adjustments on your final activity statement
- Lodging final tax returns.
You should also check whether your state or territory government has any extraordinary requirements.
If your business exit is planned, we have found that leaving a business is less dangerous if you work with your tax consultant to address the taxation issues of an exit strategy or succession plan well before leaving the business.
You may have to pay GST or capital gains tax on some of all of the business assets you sell, including land or buildings, or intangible assets, such as patents, licenses or goodwill. Some exceptions and concessions apply.
You must cancel your GST registration within 21 days of ceasing business, and your ABN within 28 days. If your business starts to deal again in the future, or you start a new business and your business organization remains the same, you can apply to have your ABN reactivated.
For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au
