How do I close my sole trader business in Australia?

If you stop trading, you should wind up your affairs correctly: 1. **Cancel ABN:** You must cancel your ABN within 28 days of stopping your business activity. You can do this via the Australian Business Register (ABR) website. 2. **Cancel GST:** If you were registered, you must cancel your GST registration. 3. **Final Tax Return:** Lodge a final tax return for the year you stopped trading, ensuring you report all final income and any 'balancing adjustments' for assets you sold. 4. **Keep Records:** Even after closing, you must keep your business records for 5 years.

• Cancel ABN within 28 days of stopping
• Cancel GST and other registrations (e.g. PAYG withholding)
• Lodge a final tax return with all remaining income
• Record keeping rules (5 years) still apply
• Ensure all final BAS are lodged and paid