Maintaining the registration of a private company with the Australian Securities and Investments Commission (“ASIC”) is often not cost effective, particularly when the company has ceased trading with no ongoing business activities. In such cases, opting for a voluntary winding up may prove more efficient, especially if the company has assets that can be better distributed through this process.
The initial step involves consulting your current accountant, who will ensure that all accounts are prepared, and necessary returns are submitted to the Australian Taxation Office (“ATO”). To facilitate a cost effective liquidation, it is crucial for the directors or their accountants to ensure all business transactions are complete and the company is fully prepared for liquidation.
Before initiating the winding up process, several considerations must be taken into account:
Our office provides an extensive fact sheet that explains members’ voluntary liquidation. Please feel free to contact Samantha Nightingale via telephone at 03 62244660 or through email at reception@hcatas.com.au to obtain a complimentary copy.
Level 1/63 Salamanca Pl, Battery Point, TAS 7004
Registered Liquidator
Registered Trustee in Bankruptcy
Small Business Restructuring Practitioner
Public holidays Closed
Public holidays Closed
ABN: 27 093 137 305
Liability limited to a scheme approved under Professional Standards Legislation.