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This information bought to you by business entry point in partnership with Federal,
State and Territory Governments.
Business Entry Point
Closing Selling or Winding up a Business
When closing, selling or winding up a small business there are a number of
government regulations concerning company and business name deregistration,
employee payments and cancellation of taxation registrations to be met. Find out
more about what you need to do when you close down or sell your small business.
Federal Government
Company Insolvency
Companies in administration – information for creditors
If a company is in financial difficulty its directors, a secured creditor or the company's
liquidator can put the company under the control of an administrator. This page
outlines the rights and duties of administrators and creditors of a company in
administration and the role of ASIC and the Court.
Companies in Liquidation
If a company is in financial difficulty its shareholders, creditors or the Court can put it
under the control of a liquidator. This page outlines the responsibilities of liquidators
and creditors of companies in liquidation and the role of ASIC and the Court.
Companies in Receivership
If a company is in financial difficulty, a secured creditor or the Court can put it under
the control of a receiver. This page outlines the rights and duties of receivers and
creditors of companies in receivership and the role of ASIC and the court.
Deregistering or Winding up a solvent Company
Deregistering a company
You can deregister a company if:
• All members of the company agree to deregister; and
• The company is not carrying on business; and
•The company’s assets are worth less than $1000; and
• The company has paid all fees and penalties payable under the Corporations Act
2001; and
• The company has no outstanding liabilities; and
• The company is not a party to any legal proceedings
The Australian Securities and Investments Commission (ASIC) provides information
on when and how a company deregisters, including the necessary downloadable
form. For further information phone: 03 5177 3988.
Winding up a Solvent Company
The members of a solvent company may decide to wind up the company under
section 491 of the Corporations Act 2001. Information from the Australian Securities
and Investments Commission (ASIC) on the steps that must be taken if it is decided
to wind up a company rather than simply apply for deregistration. This page lists the
various forms that must be lodged when a members decide to wind up a company.
These forms, available both online and from ASIC Service Centres, must be lodged
with ASIC.
Obligations to Employees
ETPs – A Practical Guide for Employers in meeting your obligations to
employees who stop working for you.
This Australian Taxation Office guide offers practical help to employers regarding
lump sum payments, eligible termination payments (ETPs), to employees who stop
working for you. For further information phone the Superannuation Info line on 13 10
20.
Eligible Termination Payments – A guide for Employers on Redundancy of an
Employee
This guide helps employers decide if they are paying a redundancy payment called a
'bona-fide redundancy payment' or an 'approved early retirement scheme payment'. It
helps employers to calculate the tax-free amount of these payments and explains
what amounts are eligible termination payments. For further information phone 13 10
20.
Personal Bankruptcy
Personal Bankruptcy
Insolvency and Trustee Service Australia (ITSA) regulates personal bankruptcy and
insolvency in Australia. This website provides information for people contemplating
bankruptcy or seeking alternatives to bankruptcy.
Taxation Implications
Application to Cancel Registration
If your business has closed down, ceased to operate or been sold you must cancel
registration for the Australian Business Number; Goods and Services Tax; Luxury
Car Tax; Wine Equalisation Tax; Pay As You Go, or Diesel and Alternative Fuel
Grant Scheme. For further information phone: 13 28 66.
Sale of a Business as a Going Concern
The supply of a business as a going concern is GST-free if certain requirements are
met. This means that if you sell your business as a going concern GST is not payable
on the sale. For further information phone 13 28 66.
Transaction Manager
Find your government forms, applications and payments in one convenient location.
Transaction Manager provides centralised access to a range of federal, state and
local government transactions including Australian Business Number (ABN)
registrations, permits and licence applications, rates payments and business name
renewals.
State and Territory Governments
South Australia
Application for Cancellation of a Business Name
The application for cancellation of a business name form is available from the Office
of Consumer and Business Affairs. For further information phone 1300 138 918.
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