Should I close my small business?
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Thinking about closing your business?
If you are considering closing your business, it’s really important to know that help is available, if you need it.
Accessing information and expert advice
If you have specific questions about your situation, we encourage you to talk with an expert for advice on your business’s viability and other options you might not have considered. Listed here are a range of organisations and service providers who can provide information or assistance.
Australian Taxation Office
The Australian Taxation Office (ATO) have a business viability assessment tool and helpful guidance around tax and super considerations and obligations.
Business.gov.au
The business.gov.au website has helpful information, guidance and templates to assist you with continuing your business through difficult times. They also have a directory of business advisors who can assist you.
Business Victoria
Business Victoria provides free information and guidance for small business. Visit their website to access:
- guidance in closing your business
- information on grants and programs and workshops and mentoring
- a list of support services for small business
- a workplace wellbeing hub that can help in managing stress and accessing crisis support.
CPA Australia
Certified Practising Accountants (CPA) offer practical guidance on signs your business might be in trouble and how to get back on track, and a checklist for closing your business.
Partners in Wellbeing
The Partners in Wellbeing helpline (1300 375 330) is a great resource available to eligible businesses in 63 local government areas and regions that offers free access to qualified professionals including:
- business advisors who can help you address critical challenges in your business, including in relation to:
- financial management
- strategic planning
- risk management
- business closure
- financial counsellors who can help with:
- accessing government grants and supports
- understanding options and priorities when it comes to debts and processes when it comes to insolvency
- negotiations with insurers, lenders and creditors, and repayment arrangements
- referrals to experts in accountancy, law and insolvency
- wellbeing coaches who can:
- help you to improve your wellbeing and develop strategies to cope with anxiety, depression and stress
- support you to explore new strategies and routines, and wellness planning
- provide referrals to local, sustainable support services (e.g. GP, psychologist).
Victorian Small Business Commission
We provide free or low cost help to resolve commercial disputes – be it with your landlord over a retail leasing matter, or a general small business matter such as unpaid invoices.
Insolvency processes
Australia’s insolvency processes now include new solutions for companies with less than $1 million in total debt:
- The debt restructuring plan is where the director stays in control while they develop a plan to restructure their company with the help of a practitioner.
- The simplified liquidation process is a streamlined creditors’ voluntary winding up for eligible companies.
Find out more about these and other options by visiting the Australian Securities and Investments Commission website.
More information
For more information, you can speak with a member of our team by calling 1800 878 964 or emailing us.