Selling a business can prove to be one of the most stressful and complicated time in a persons life. 

It is therefore important that you have some time of plan / checklist in place before proceeding.

The ATO give some of the following points that require consideration:

1. Lodging all outstanding income tax returns;

2. Paying all tax liabilities;

3. Cancelling you registration such as;
        - Goods and Services Tax (GST);
        - Fringe Benefits Tax (FBT);
        - PAYG Withholding;

4. Cancelling your Australian Business Number (ABN);

5. Lodging a final income tax return;

6. Keeping records for 5 years after the end of the financial year that that the business is sold.

If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com

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