You may also need to cancel your ABN if your business structure changes – for example, from a:
- sole trader to a partnership
- partnership to a company
- sole trader to a company.
Cancelling your ABN will save you time and effort because it automatically cancels other registrations as well, including:
- goods and services tax (GST)
- luxury car tax (LCT)
- wine equalisation tax (WET)
- fuel tax credits (FTC).
Before cancelling your ABN, check you’ve finalised all of your tax obligations such as:
- lodging your BAS
- lodging your pay as you go (PAYG) withholding reports
- paying outstanding tax debts.
You may also be required to repay a proportion of GST credits you have previously claimed on any business assets/stock you retain.
Make sure you remember to update or cancel your ABN when the time is right.