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People in business may choose to sell or close all or part of their business, or in some instances their business may be bankrupted. If you stop operating your business, you need to complete your business tax obligations to complete for GST, employer related taxes, income tax and depreciation recovery.
Watch this video to see how easy it is for a business owner, Scott, to take care of his tax when he closes his business. The video also explains what to do if your business is registered with the Companies Office.
If you stop your taxable activity or your annual turnover drops below $60,000, you may need to cancel your GST registration.
Learn about filing your tax obligations when you cease operating a business.
Find out about the common tax issues of a business sale or purchase.
When you can’t pay your debt you may become insolvent, which can include bankruptcy. We will work with you to try and avoid this happening, but if we cannot reach agreement we may go to court to resolve this debt. If we’re successful the Insolvency and Trustee Service (ITS) will deal with all ongoing matters.
Find out what you need to do when ceasing a business and you are required to recover depreciation.