{"id":5512,"date":"2020-12-24T10:31:51","date_gmt":"2020-12-23T23:31:51","guid":{"rendered":"https:\/\/mnygroup.wpengine.com\/?p=5512"},"modified":"2025-02-01T15:51:33","modified_gmt":"2025-02-01T04:51:33","slug":"calling-time-out-on-your-business","status":"publish","type":"post","link":"https:\/\/mnygroup.com.au\/en\/calling-time-out-on-your-business\/","title":{"rendered":"Calling Time Out on Your Business? Some Essentials You\u2019ll Need to Know"},"content":{"rendered":"<nav aria-label=\"breadcrumbs\" class=\"rank-math-breadcrumb\"><p><span class=\"last\">Home<\/span><\/p><\/nav>\n<blockquote><p>When you first went into business, either buying an established enterprise or starting from scratch, probably the last thing on your mind was the day you would close the door for the last time.<\/p><\/blockquote>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-5513 alignright\" src=\"https:\/\/mnygroup.com.au\/wp-content\/uploads\/2021\/02\/Calling-time-out-on-your-business-e1614061524304.png\" alt=\"Calling time out on your business? Some essentials you\u2019ll need to know\" width=\"173\" height=\"266\" \/><\/p>\n<p><span style=\"color: #000000;\">In a way, a business ending is inevitable, whether through the outcomes of COVID-19, retirement, health or, in another scenario, pursuing another career. But it\u2019s important for you to know what\u2019s involved when you come to the time when you close your business, as this can go a long way to smoothing the transition.<\/span><\/p>\n<p><span style=\"color: #000000;\">For starters, it\u2019s important that all your tax issues are finalised before you cancel your <a href=\"https:\/\/business.gov.au\/registrations\/register-for-an-australian-business-number-abn\" target=\"_blank\" rel=\"noopener\">Australian business number (ABN),<\/a> which ceases that business. This allows the ATO to finalise your business\u2019s account and issue any refunds that may be owing.<\/span><\/p>\n<h2><span style=\"color: #000000;\">STEP 1: LODGEMENT AND PAYMENT<\/span><\/h2>\n<p><span style=\"color: #000000;\">Make sure all lodgement and payment obligations are met, including:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\">outstanding activity statements<\/span><\/li>\n<li><span style=\"color: #000000;\">outstanding instalment notices<\/span><\/li>\n<li><span style=\"color: #000000;\">final fringe benefits tax returns<\/span><\/li>\n<li><span style=\"color: #000000;\">final income tax returns.<\/span><\/li>\n<\/ul>\n<h2><span style=\"color: #000000;\">STEP 2: REFUNDS<\/span><\/h2>\n<p><span style=\"color: #000000;\">Request any refunds for accounts with a final tax position in credit.<\/span><\/p>\n<h2><span style=\"color: #000000;\">STEP 3: CANCEL <a href=\"https:\/\/www.ato.gov.au\/Business\/PAYG-withholding\/\" target=\"_blank\" rel=\"noopener\">PAY-AS-YOU-GO (PAYG) WITHHOLDING<\/a> REGISTRATIONS<\/span><\/h2>\n<p><span style=\"color: #000000;\">You can do this by phoning the ATO\u2019s business line (13 28 66) and speak to a customer service representative, or complete an Application to cancel registration form (ask for \u201cNAT 2955\u201d). Or we can do this for you.<\/span><\/p>\n<h2><span style=\"color: #000000;\">STEP 4: CANCEL THE ABN<\/span><\/h2>\n<p><span style=\"color: #000000;\">This step must be completed after the first three steps, and will stop any problems with refunds being delayed and the need for the ATO to contact you (or this office on your behalf). The ABN needs to be cancelled within 28 days of your ceasing business through the Australian Business Register. <\/span><\/p>\n<p><span style=\"color: #000000;\">Cancelling the ABN will:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\">cancel registrations for goods and services tax (GST), luxury car tax, wine equalisation tax, fuel tax credits<\/span><\/li>\n<li><span style=\"color: #000000;\">cancel AUSkeys linked to the ABN<\/span><\/li>\n<li><span style=\"color: #000000;\">end all authorisations for the business in Relationship Authorisation Manager, preventing access to the online services using myGovID.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">After cancelling the ABN, it will pay to keep in mind that you may have a PAYG instalment obligation through to the date of ceasing business, and may still receive instalment activity statements. You are able to vary your PAYG instalment amount if the amount or rate the ATO calculated doesn\u2019t reflect your circumstances.<\/span><\/p>\n<h2><span style=\"color: #000000;\">STEP 5: RECORD KEEPING<\/span><\/h2>\n<p><span style=\"color: #000000;\">You need to keep business records for five years from when they were prepared or obtained, or from when the transactions or acts those records relate to were completed, whichever is later.<\/span><\/p>\n<p style=\"text-align: center;\"><strong><a href=\"https:\/\/mnygroup.com.au\/\">www.mnygroup.com<\/a><\/strong><\/p>\n<p><span style=\"color: #999999;\"><em>This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Calling time out on your business, you will need to know:<br \/>\n1. lodgement and payment<br \/>\n2. refunds<br \/>\n3. cancel PAYG withholding registrations<br \/>\n4. cancel the ABN<br \/>\n5. record keeping<\/p>\n","protected":false},"author":17,"featured_media":5513,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1691],"tags":[1410],"class_list":["post-5512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-tax","tag-ato-administration","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-20"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/posts\/5512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/comments?post=5512"}],"version-history":[{"count":0,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/posts\/5512\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/media\/5513"}],"wp:attachment":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/media?parent=5512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/categories?post=5512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/tags?post=5512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}