Your business ownership may change if you're selling your business, transferring it to a family member or adding a new partner. If you’re adding a new partner, you’ll need to make sure you update your business details.

1. Finalise tax and payment obligations

When you change business ownership you’ll need to pay any outstanding bills, such as water and electricity. You’ll also have tax payment and reporting obligations to take care of.

You may need to:

2. Notify others about your business changes

When you make changes to your business, you need to tell all the stakeholders in your business as well as other relevant organisations and government agencies.

Your accountant and solicitor may be able to provide additional recommendations to ensure the smooth change of ownership of your business.

3. Transfer lease agreements, permits and licences

You may need to transfer your leases, permits and licences to the new business owner.

Keep in mind that transfers can take up to 12 months. It’s important to plan for these transfers early in the process to ensure you have plenty of time.

If you’re selling your business, remember that you’re still responsible for any agreements and obligations for your business until the transfers are complete.

Different leases have different conditions regarding transfer of ownership. Make sure you understand the conditions of your lease agreements before you transfer them to the new owner.

4. Transfer your records and assets

Key assets and records to transfer to the new owner include:

5. Cancel or transfer registrations

If you're selling your business or transferring it to a family member you’ll need to:

If you're adding a new partner or a partner leaves, you may be able to keep the same ABN. Under certain conditions you’ll just need to update your ABN details. Otherwise you’ll need to cancel your ABN and can reapply for a new one. Find out more about changing a partnership.

Before you cancel your ABN, make sure you’ve met any lodgment, reporting and payment obligations with government agencies you deal with. If you also want to cancel your pay as you go withholding, you must cancel it before your ABN.

Cancelling an ABN will cancel registrations for GST, luxury car tax , wine equalisation tax and fuel tax credits. You can learn more about cancelling registrations.

6. Update details for new partners

If new partners are joining your business, make sure you update your business registrations and partnership details.

If your business partners are changing, check you:

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