You need to cancel your ABN after you’ve sold or closed your business.

2015_OCT_AUS_TAX - Closing, selling or changing business structure?

You may also need to cancel your ABN if your business structure changes – for example, from a:

  • sole trader to a partnership
  • partnership to a company
  • sole trader to a company.

Cancelling your ABN will save you time and effort because it automatically cancels other registrations as well, including:

  • goods and services tax (GST)
  • luxury car tax (LCT)
  • wine equalisation tax (WET)
  • fuel tax credits (FTC).

Before cancelling your ABN, check you’ve finalised all of your tax obligations such as:

  • lodging your BAS
  • lodging your pay as you go (PAYG) withholding reports
  • paying outstanding tax debts.

You may also be required to repay a proportion of GST credits you have previously claimed on any business assets/stock you retain.

Make sure you remember to update or cancel your ABN when the time is right.