If you are selling your business, transferring it to another family member or friend, or adding new partners you will need to change the ownership of the business.

There are a number of steps you need to take to complete the change of ownership. It’s important to contact your accountant or solicitor for tailored advice on how to transfer ownership. 

If you're transferring your business to a family member or friend, or selling your business and will no longer be part of it, you'll need to make sure you've met all your reporting and payment obligations and then cancel your Australian Business Number (ABN). If the new owners want to continue using it, you can transfer your business name or you can cancel your business name if they will not use it. 

You’ll need to follow up on your tax obligations, cancelling tax registrations, such as Goods and Services Tax (GST) and lodge any final tax returns. Pay any outstanding bills, such as water and electricity and transfer any other assets, such as domain names or web registration, to the new owner along with any business records, customer records and employee records. 

If you have leases to transfer, keep in mind that transferring licenses can take a long time (sometimes up to 12 months), so it’s important to plan for this early in the process. It’s a good idea to transfer your leases to the new business owner at the same time your business is transferred as you are responsible for any lease agreements and obligations for your business until they are transferred to the new owner. Different leases can have varying conditions when it comes to transfer of ownership, so make sure you understand the conditions of your lease agreements before you transfer them to the new owner. 

If new partners are joining the business you'll need to update your partnership details on the business name register by adding the new partners to the registration (you can also remove any partners that are leaving, as long as there are at least two partners left in the business). You can either apply for a new ABN or add the details of new partners to the existing ABN registration. You will also sign a partnership agreement with the new partners to set out the terms and conditions of the partnership. Don’t forget to update your details with the ATO for tax purposes. 

Visit the Australian Tax Office website for information on the tax implications of transferring ownership of your business.

Information about how to transfer a business name can be found at the Australian Securities and Investments Commission website.