Cancelling an ABN Correctly
If you are ready to move on from your business, cancelling your ABN will be one of the items needed to whine down or move away from your business.
The process for cancelling an ABN is the similar for all business structures including: sole traders, partnerships, companies, trusts etc.
Cancelling an ABN should be done when a business has been sold, has closed-down, business structure has changed or no longer operating in Australia. Additionally, ABN’s that have been registered but never traded.
*Important – If you need or want to cancel your pay as you go withholdings, this must be done prior to you cancelling your ABN.
How to cancel your ABN
There are essentially three main ways to cancel your ABN. Below are the different options available.
– Use the myGovID website. This however only works if your ABN and myGovID systems are linked via the Relationship Authorisation Manager (RAM).
– Cancelling an ABN can also be done over the phone with the Australian Business Register. There is a verification process for this. Get contact details here.
– You can also lodge a form by mail to cancel an ABN – this is a slower process but available for those that prefer this option. Access the application form here.
– You can also have a registered tax agent or BAS agent cancel your ABN on your behalf.
Prior to cancelling an ABN, you should:
There are different actions that should be completed before cancelling an ABN. This can include the following items:
– Any lodgements that haven’t been finalised
– All reporting or payments obligations
– Cancel your pay as you go withholdings
– Pay any outstanding debts
– Repay and GST credit refunds
By cancelling your ABN, you also:
Upon cancelling an ABN, you will also lose access to ABN benefits including:
– Luxury car tax
– Wine equalisation tax
– Fuel tax credits
– Lose access to any authorised relationships for myGovID and the cancelled ABN.