If you sell or close your business you may have to finalise some GST, employee, contractor or other obligations. 

If you sell or close your business during a period of review, these records can still be requested if the business is subject to a review or audit. 

You will have to keep records relating to: 

• sales (including the sale of your business and assets) and purchases 
• payments to employees 
• payments to other businesses. 

You need to keep these records for 5 years from when you prepared or obtained the records, or when you completed the transactions the records relate to, whichever is later. 

You may also need to contact other government agencies to let them know of your change of situation. For example, if you’re ceasing a company, contact the Australian Securities & Investments Commission (ASIC) to cancel your Australian company number (ACN). 

Records from liquidation and insolvency 

A company becomes insolvent when it’s unable to pay its debts when they are due to be paid. 

An insolvent company is wound up on the application of relevant stakeholders such as creditors including the ATO, shareholders or a regulatory agency (such as the Australian Securities & Investments Commission (ASIC). 

If the company is wound up, a liquidator is appointed and takes control of the existing company records. They are also responsible for preparing records to explain their acts and dealings relating to the company as a liquidator. 

For tax purposes, the records are generally kept for 5 years. However, other regulatory bodies' laws may need records to be kept for a period of 7 years.

Check the record-keeping requirements of all the regulatory bodies you have been dealing with.