Hi,
We recently close a business and I am not sure what are the Final Tax returns we should file.
Last Quarterly BAS returns filed was Dec 2020.
Should we still file March 2021 and June 2021? or just March 2021?
How about Income Tax Return FY 2021? If this is yes, can we file FY 2021 in advance even if the FY not yet ended?
And if we need to wait for the FY to end, does that mean we have to wait to completely close the business?
Thanks in advance.
Hi @Chr089
If the business has ceased completely and all assets are disposed of, there's no reason to lodge BAS after this time. You'll need to cancel any registrations (such as GST or PAYG withholding) from the end of that quarter.
You don't have to wait until the end of the financial year to lodge the income tax returns either. If there's no other income sources to occur, then the final return can be lodged now, even if it's early.
You can read more about selling or closing down a business on our website.
Hi @Chr089
If the business has ceased completely and all assets are disposed of, there's no reason to lodge BAS after this time. You'll need to cancel any registrations (such as GST or PAYG withholding) from the end of that quarter.
You don't have to wait until the end of the financial year to lodge the income tax returns either. If there's no other income sources to occur, then the final return can be lodged now, even if it's early.
You can read more about selling or closing down a business on our website.
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