Home – New Forums Other discussions Closing my business

Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • #1242104
    baussie
    Participant
    • Total posts: 3
    Up
    0
    ::

    I’ve decided to close my business as I’m not making much money and it’s started to take away time that I’d rather spend with my new family. I’ve looked at a bunch of resources online and spoken to my accountant as well. He’s charged me 500AUD to do all the paperwork. I don’t want to be spending anymore on this venture so I would like to do everything myself as much as I can. Is there a way I can close my business to avoid paying next years business rego fees? My tax returns for last year have already been lodged. Can I lodge the tax returns for this financial year even also closing the business?

    #1242109
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
    Up
    0
    ::

    Hi @baussie

    Sometimes you have to make the hard decisions.

    Your Accountant should be able to advise you or get in touch with ASIC themselves if the fee you are referring to relates to them.

    Best of luck.

    ~Paul

    #1242668
    SaraLoftman
    Participant
    • Total posts: 2
    Up
    0
    ::

    Indeed, it is better to consult with your accountant.

    #1242671
    SaraLoftman
    Participant
    • Total posts: 2
    Up
    0
    ::

    Or, I sometimes consult online with business experts. [Mod Edit To Remove Promotional Content] Closing a business is always unpleasant. But on the other hand, if it does not bring you profit for a long time, then why do you need it? In the end, you can always open a new business and start all over again, perhaps even with better success. But believe me, if you open a new business, I highly recommend using various consultants and business experts. After all, the idea and business plan is the most important thing that will bring you profit.

    #1243864
    JenEsabell
    Participant
    • Total posts: 17
    Up
    1
    ::

    Yes, you can close your business without paying next year’s business rego fees. You can also still lodge the tax returns for this financial year despite closing the business.

Viewing 5 posts - 1 through 5 (of 5 total)
  • You must be logged in to reply to this topic.