The first thing to do is choose a date that your business will cease. It’s unlikely the date you close trading to customers and the date your business ceases will be the same date. When you close the doors of your business you will need time to finalise your tax and super, legal and other business obligations. The date your business ceases is the date you choose to have those tasks finalised, so think about how long you will need to complete all the tasks. 

You’ll need to choose the date early in the process, as you will have to provide it when finalising your obligations. A timeline might look like this.

It’s important to know you’re still liable for any ongoing obligations that fall due until your business cease date, for example superannuation guarantee, registration renewals.