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Rolapro(Newbie)Newbie
1 Feb 2024

I am closing down my business at the end of March 2024, to retire.

I would like to cancel my ABN at this time because I am currently receiving a part pension and I believe Centrelink will not increase my payments unless I can give proof of a cancelled ABN. My concern is that if I cancel the ABN at the end of March, the ATO might penalise or disallow a tax return when I lodge at EOFY, because My ABN is cancelled.

I can't find any info on this, so hopefully someone will have the answer.

Thanks in Advance

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556 views
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Most helpful reply

Taxduck(Taxicorn)Taxicorn
1 Feb 2024

Not really enough information here. Depends on your reporting obligations. See this link on cancelling your ABN.

https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/cancelling-business-registrations

The ATO won't disallow your tax return if your ABN is cancelled. On the business schedule with the tax return there is a spot to inform the ATO your business has ceased during the year. If your business has ceased and you have no other reporting obligations (apart from your tax return) then your ABN should be cancelled. (as stated in the link)

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Most helpful reply

Taxduck(Taxicorn)Taxicorn
1 Feb 2024

Not really enough information here. Depends on your reporting obligations. See this link on cancelling your ABN.

https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/cancelling-business-registrations

The ATO won't disallow your tax return if your ABN is cancelled. On the business schedule with the tax return there is a spot to inform the ATO your business has ceased during the year. If your business has ceased and you have no other reporting obligations (apart from your tax return) then your ABN should be cancelled. (as stated in the link)

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