Three things you should do before closing your company

Three things you should do before closing your company

(Article from ASIC InFocus April 2017 – Volume 26 Issue 3)

One of the most common questions ASIC is asked is ‘what do officeholders need to do before closing their company?’ To keep it simple, here are the three key things:

1. Ensure your company has no fees outstanding

If your company has any fees outstanding, we’ll automatically reject your deregistration application. You can check your current account balance online.

2. Ensure your company meets all the criteria for deregistration

Your company must also meet the deregistration criteria which include, all members agreeing to deregister and the company’s assets must total less than $1000. See our content on voluntary deregistration for the full list.

3. Apply for deregistration at least two weeks before your annual review date

Finally, you should apply for deregistration at least two weeks before your annual review date. If you don’t, your annual review fee will be charged and you’ll need to pay it before the company can be deregistered.

If you are planning to deregister your company, we recommend you apply as early as possible.

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