To cancel ABN(Australian Business Number), you can follow these steps:
- Notify the Australian Business Register (ABR): Inform the ABR about your intention to cancel ABN. You can do this online through the Australian Business Register website (www.abr.business.gov.au) by accessing the “Manage ABN Connections” portal or by completing the “Cancel ABN” form.
- Provide necessary information: When canceling ABN, you will need to provide relevant details such as your business number, business name, and reasons for cancellation. You may also be required to provide supporting documentation or evidence, depending on the circumstances.
- Update your business records: Ensure that you update your business records to reflect the cancellation of your Australian Business Number. This includes notifying other government agencies, financial institutions, and any other relevant parties, such as clients or suppliers, of the change.
- Complete final tax obligations: Before canceling ABN, make sure that you have fulfilled all your tax obligations. Lodge any outstanding activity statements and tax returns, and settle any outstanding tax liabilities. This will help ensure a smooth cancellation process.
- Seek professional advice if necessary: If you are unsure about the process or have complex circumstances, it may be beneficial to seek advice from an accountant, tax advisor, or business professional. They can guide you through the specific requirements and implications to cancel ABN.
It’s important to note that once your ABN is canceled, you will no longer be able to use it for business activities. Additionally, canceling your ABN may have various legal, tax, and financial implications, so it’s advisable to consult with relevant professionals to fully understand the consequences and requirements specific to your situation.