Do you want to cancel your ABN?
It is not always that your ABN needs to be canceled for the wrong reasons, there are numerous excuses a business can give to have their registration numbers canceled as you will learn later in the text. Before opening and running a business in Australia, you must register with the ABR, failure to which might result to serious consequences. This is especially so if you are caught running your business with a license. There is also a chance you are canceling your ABN for the wrong reasons and if so, you should consult first before you make any mistakes you will regret later. These here are some of the reasons why you can proceed with your ABN cancel today.
Shutting down business
After achieving a goal you had set for your business, you can consider shutting it down. If this is the case, do not give ABR a tough task of knowing the businesses that are active and those that are dormant or inactive. Cancelling your ABN in this case will be the wise decision to go with as you do not want to be followed by authorities later inquiring the state of yourbusiness. Successful ABN cancellation will lead to the cancellation of your GST tax registration. It is however ideal you tread careful under the advice of your taxation lawyer.
Changing business structure
The documents and number you are given as a business upon registration will be based on the structure you have. This means enlisting the kind of operations or trade you participate in, your income and also tax demands as you will be guided. Changing a business structure means changing all the above details and that interferes with your previous identity. For this you have to cancel your existing business number and proceed to apply for a new one that will fit the structure you are adapting to as a business.
The best way to cancel your ABN online is use the myGovID service which is online. With every change you make to your details, immediate recording will be done. You can however only do it if your ABN has already been linked with the myGovID service. The other way to cancel your ABN is easy as you need to call ABR and authorize them to updateyour ABN details. You must also be ready to prove your identity to the authorities as you wait for the changes to be updated. The last cancelation option you should use is lodging your forms requesting to cancel your ABN. This is however a lengthy procedure that you may not be ready to handle now.
There is a procedure online that businesses can use to have their ABN renewed. The alternative option is choosing a business lawyer that can help you not just understand but undergo the whole re-registration process with ease. Before you cancel the ABN for your business, do enough research to avoid making a mistake you might regret later.