Talking Cents

The key to closing up small business

Here at m.a.s accountants, the original accounting office for small business, our focus is on helping you as the small business owner to start up, grow and thrive to achieve your goals and dreams with as little disruption as possible along the path to success.

Of course, the eventual path to success may well lead you to a time when you desire to sell your business and move on to a new adventure or simply to retire and enjoy the quiet life.

Here’s our top tips for final closure once you’ve sold your business, so you can have complete closure.

• If GST was applicable be sure to include this as well as GST on all sale related expenses in your final BAS
• Cancel all relevant insurance policies, you may even get some money refunded
• Cancel, transfer or payout any existing leases
• Make sure you pay superannuation for all staff that they are entitled to
• Cancel your GST, PAYG and ABN to avoid unnecessary future lodgements
• Know your potential income tax and capital gains tax at the time of sale
• Transfer the business licences out of your name to the new owner.

Of course, there will always be more matters crop up that will need to be attended to, however the key point is to handle all of the known issues as early as possible by reviewing your whole business and getting the right advice.