Closing a Business Checklist

This checklist is designed to help our clients achieve the most in the least time and
with the least effort.

  • Collect or write off the last money owing to the business
  • Pay the creditors of the business
  • Transfer vehicles and payout finance contracts
  • Pay employees their wages and entitlements
  • Pay final superannuation contributions
  • Cancel and collect refunds on business insurances and licenses. Note there may be some insurances that should continue, eg. professional indemnity, product liability
  • Consider cancelling memberships of trade and professional organizations
  • Close the bank account and cancel credit cards
  • Close trade accounts
  • Cancel supplier accounts
  • Redirect mail, email, telephone, website hits
  • Cancel domain names, telephone, email services
  • Provide separation certificates to employees as appropriate
  • Premises: Give notice, vacate and restore to condition as per the lease agreement
  • Discuss with DBA Accountants the future use or liquidation of your business structures
  • Cancel business names or allow them to expire
  • Bring accounting reports up to date. It is worth considering paying in advance for end of year work not yet able to be carried out, so the business can pay the final  invoice from DBA and claim back the GST in the final BAS
  • Lodge final BAS
  • Are there any “change of purpose” GST adjustments?
  • Cancel GST registration, PAYGW etc and ABN
  • Are there any matters specific to your business or profession?
  • Store business documents for the required periods