Closing your business is an important milestone. Here’s how to handle:
It’s also a good idea to talk to an advisor. They can help you prepare a to-do list relevant to your business, and offer support and advice along the way.
What you have to do largely depends on:
This Inland Revenue video on closing down your business is a good starting point.
There’s less incentive to make repayments if you’re no longer in business.
When shutting down a company:
You’ll also need to apply to be taken off the Companies Register. But first, check your company details are correct on the register, and make sure your company has:
Companies Register(external link) - New Zealand Companies Office
Removing a company from the Register(external link) — New Zealand Companies Office
Closing down a company(external link) — Inland Revenue
Income tax for business and organisations(external link) — Inland Revenue
This applies to all business types — companies, sole traders and partnerships. See Keeping tax records for tips and advice.
When stopping work as a sole trader:
Cancelling your GST registration (external link)— Inland Revenue
When you leave or dissolve a business partnership:
Talk to Inland Revenue or an accountant about rules for leaving a partnership, particularly if the partnership will continue after your departure.