How To Cancel Your Business Name

Table of Contents

Share at:

Circumstances in our personal lives are constantly changing, and the same is true about businesses. There is a range of reasons which may cause a business owner to cancel their business name, from retirement to the sale of the business. This guide will provide all the relevant steps to a business owner wishing to go down this path.
Need some guidance around your company registration? LawPath can connect you with an experienced business lawyer to advise you of your options revolving around company registration.

Considerations Before Cancelling Your Business Name

To make the process of cancelling your Business Name smooth and efficient, we have compiled a checklist of considerations to look about before taking the necessary steps to cancel the business name. These include

  • Having an ASIC Connect Account set-up.
  • Ensuring that the business name you are looking to cancel is linked to your ASIC Connect account.
  • Making sure your business address up-to date.
  • Having the authorisation to act on behalf of the business name holder.

How to Cancel your Business Name

ASIC has compiled a seven-step process where a business user can follow in order to cancel a business name and ABN through ASIC Connect. A quick breakdown of those seven steps is provided below

  1. Log Into Your ASIC Account.
  2. Select the Lodgements & Notifications tab at the top of the screen then select the business name that you are cancelling.
  3. In the transaction column, press the cancel/transfer business name and then select go.
  4. In the cancellation details page, select the radio button and select the Next.
  5. Review the Transaction.
  6. Make a declaration.
  7. Confirmation.

After Cancelling Your Business Name

Once ASIC receives a request to cancel a business name and a notice of intent is sent to cancel the registration of the business name. After one-month, ASIC will cancel the registration and send a confirmation notice.

Conclusion

There are differing methods available to any business owner looking to cancel their Business Name. If you are still struggling with attempting to cancel the Business name or the ABN, then it is best to consult with LawPath’s experienced business lawyers

Unsure where to start? Contact a LawPath consultant on 1800 529 728 to learn more about customising legal documents, obtaining a fixed-fee quote from our network of 700+ expert lawyers or to get answers to your legal questions.

Share at:

Simplify creating legal documents today

Browse through Lawpath's AI tools which can be used to draft, review and refine legal documents today!

Related Articles

Running a Cash Only Business? Tips for Keeping Track for Tax

Cash only businesses are fairly common. This does not mean they are tax exempt. Keep reading to find out how a business should keep track for tax.

Tax Considerations to Make if You Want to Start a Partnership

Thinking about starting a partnership? Read this guide to find out what tax implications are involved and how they could affect you as an individual.

What Are Franking Credits? Preventing Double-Taxation on Australian Investments

Worried about double taxation on your dividends? Learn about franking credits and how they protect your income.

What Assets Are Taxable Under The Capital Gains Tax (CGT)?

Whether you run a business or plan to sell assets, it's important to know when the Capital Gains Tax (CGT) applies to you.

What Can You Claim on Tax? (2026 Update)

When lodging your tax return, there are expenses you can claim including costs relating to work, tax management and donations. Find out more here.

What Happens If You Don’t Lodge Your Tax Return On Time?

Halloween isn't the only scary thing that happens on 31 October