Closing down your business

Closing down your business


Closing down your business? You’ll need to finalise your taxes. Please call us. We can help you through the process. Meet Scott. After many years in business, he’s calling
it a day. He rings to tell us what’s happening. We cancel his GST registration, and Scott
files a final return, accounting for the shop computer he’s kept for himself. Scott’s already filed his final employer
monthly schedule showing the end dates for his employees, so we deregister him as an
employer. If you call us straight away, we’ll make
sure you don’t get any unnecessary letters and returns. At the end of the tax year, Scott files his
final income tax return. His return includes his trading results up
to the date he finished business and depreciation adjustments from selling his work van. Finally, Scott checks all his taxes have been
paid, and stores his business records in a safe place. Business records must be kept for at least
seven years, even when you’ve finished trading. Do you run your business as a company? If it’s going to be removed from the Companies
Office register, you’ll need to get approval from us first. Once the Companies Office has removed it from
the register, let us know so we can close the tax file. If you’re keeping your company, send us
an IR433. This will save you having to file nil returns
every year. By contacting us early, Scott has sorted out
his taxes the easy way. Now he and his friend are enjoying a worry-free
retirement.

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About the Author: Oren Garnes

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