# How to close a company in Australia: ASIC deregistration

> How to close a company in Australia: ASIC voluntary deregistration (Form 6010, $52), liquidation, cancelling your ABN and GST, staff, super and records.

Canonical: https://origindatapartners.com/guides/close-a-company-australia
By: Origin Data Partners
Status: Published
Published: 2026-11-05
Updated: 2026-11-05
Sources checked: 2026-11-05

## Quick answer

To close a company in Australia, pick the route that fits its finances. A company can apply to ASIC for voluntary deregistration on Form 6010 only if all members agree, it is not conducting business, its assets are worth less than $1,000, it has no outstanding liabilities, it is not involved in any legal proceedings and it has paid all ASIC fees and penalties. The fee is $52, and the company may be deregistered 2 months after ASIC publishes a notice. A solvent company that does not meet those conditions is wound up in a members' voluntary liquidation; an insolvent one usually goes into a creditors' voluntary liquidation run by a registered liquidator. Before deregistering, lodge every final tax return and activity statement, pay employees and super, and cancel GST within 21 days of closing. Property left in the company when it is deregistered vests in ASIC, financial records must be kept for 7 years, and the last directors must keep the company's books for 3 years after deregistration.

## Key points

- Voluntary deregistration ($52, Form 6010) is only for a company with no business, no liabilities, no legal proceedings and assets worth less than $1,000. Otherwise a liquidator winds it up.
- Finish tax and super first: after deregistration the ATO cancels the ABN, but directors can still face penalties for unpaid PAYG withholding, GST and super guarantee charge.
- Anything the company still owns when it is deregistered vests in ASIC. Keep financial records for 7 years, and check what the records are worth before you delete company systems.

## Closing a company in Australia: the checklist

Before you apply to ASIC to deregister or appoint a liquidator, check what the company's records are worth. AI developers now pay for the operational records of closing and closed companies, such as tickets, work orders, email and chat archives and code ([public deals](https://origindatapartners.com/guides/ai-data-licensing-deals)). A [free valuation](https://origindatapartners.com/check-fit) takes six questions about the business and no files.

The steps below follow [business.gov.au](https://business.gov.au/exiting/closing-your-business/close-your-business), [ASIC](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/voluntary-deregistration-of-a-company) and the [ATO](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/deregistering-a-company). Several run in parallel, and a company that needs a liquidator follows the liquidator's timetable for the ASIC steps.

| Step | What to do | Rule or timing |
| --- | --- | --- |
| 1. Choose the route | Check the company against the voluntary deregistration conditions; if it fails them, plan a members' or creditors' voluntary liquidation | Voluntary deregistration needs assets worth less than $1,000 and no outstanding liabilities |
| 2. Tell employees | Give written notice, pay final wages, accrued annual leave and any redundancy pay | 1 to 4 weeks' notice under the National Employment Standards; most awards require final pay within 7 days |
| 3. Pay super | Pay the super guarantee on the final pay | The fund must receive it within 7 business days after payday (Payday Super, from 1 July 2026) |
| 4. Sell assets and pay bills | Sell stock and equipment, collect what customers owe, pay suppliers and other creditors | Dispose of all company assets before deregistering, or they usually vest in ASIC |
| 5. End contracts | End leases, contracts, subscriptions and insurance you no longer need | Check early termination clauses; ask your insurer about run-off cover |
| 6. Lodge final tax forms | Tax returns, activity statements, FBT returns and taxable payments annual reports; pay all tax debts | The ATO must have processed them before you apply to deregister |
| 7. Cancel GST and PAYG withholding | Online, through your tax or BAS agent, by phone or on form NAT 2955 | GST within 21 days of closing; PAYG withholding before the ABN |
| 8. Cancel names, licences and accounts | Business names, licences and permits, and the company bank accounts | Before you deregister the company |
| 9. Deal with the ABN | Cancel it, or let the ATO cancel it when ASIC deregisters the company | Within 28 days of closing; a company still registered with ASIC may keep it |
| 10. Apply to ASIC | Lodge Form 6010, or the liquidator lodges the end-of-administration return | $52 fee; apply at least 2 weeks before the next annual review fee is due |
| 11. Keep records | Store financial, tax and employee records and name who holds them | Financial records 7 years; tax records 5 years; directors keep the books 3 years after deregistration |
| 12. Check the records' value | Before deleting systems, see whether operational records can be licensed | Retention rules come first |

Source: [business.gov.au: Close your business](https://business.gov.au/exiting/closing-your-business/close-your-business)

## Deregister or liquidate? The ways to close a company compared

Deregistration is how a company ends: it no longer exists as a legal entity ([ASIC](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/voluntary-deregistration-of-a-company)). The question is how it gets there. A company can only skip a liquidation if it meets every voluntary deregistration condition; otherwise a liquidator sells the assets and pays creditors first, and ASIC deregisters the company at the end. Only solvent companies can voluntarily deregister ([business.gov.au](https://business.gov.au/registrations/cancel-registrations/deregister-a-company)).

- The table draws on ASIC's pages on [voluntary deregistration](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/voluntary-deregistration-of-a-company), [winding up a solvent company](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/wind-up-a-solvent-company), [winding up an insolvent company](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/wind-up-an-insolvent-company) and [small business restructuring](https://www.asic.gov.au/regulatory-resources/insolvency/insolvency-for-directors/small-business-restructuring-and-the-restructuring-plan).

|  | Voluntary deregistration | Members' voluntary liquidation | Creditors' voluntary liquidation | Small business restructuring |
| --- | --- | --- | --- | --- |
| Suits | A company with no business, no liabilities and assets worth less than $1,000 | A solvent company that can pay all its debts in full within 12 months | An insolvent company, which cannot pay all its debts as and when they become due | A company that is insolvent or likely to become insolvent, with total liabilities of no more than $1 million, that wants to restructure rather than close |
| Who decides | All members agree | A majority of directors declare solvency; members pass a special resolution | The company resolves by special resolution, or it follows a voluntary administration or a terminated deed of company arrangement | Directors resolve that the company is insolvent or likely to become insolvent |
| Who runs it | The applicant; ASIC decides | A liquidator appointed at the members' meeting | A liquidator, who takes control of the company | The directors keep control, assisted by a restructuring practitioner |
| Main ASIC forms | Form 6010 | Forms 520, 205, 505, 5602 and 5603 | Lodged by the liquidator | ASIC notes the appointment on the company register |
| How it ends | Deregistration 2 months after ASIC publishes a notice | Deregistration 3 months after Form 5603 is lodged | Deregistration 3 months after the liquidator's final form is lodged | A restructuring plan with creditors; the company continues |

Source: [ASIC: Voluntary deregistration of a company](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/voluntary-deregistration-of-a-company)

## ASIC voluntary deregistration: the conditions, Form 6010 and the fee

[ASIC](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/voluntary-deregistration-of-a-company) lists six requirements. The company must meet all of them:

- All members (shareholders) of the company agree to deregister.
- The company is not conducting business.
- The company's assets are worth less than $1,000.
- The company has no outstanding liabilities (for example, unpaid wages).
- The company is not involved in any legal proceedings.
- The company has paid all fees and penalties payable to ASIC.
- The law says the same in [section 601AA(2) of the Corporations Act 2001](https://www.legislation.gov.au/C2004A00818/latest/text): all the members agree, the company is not carrying on business, its assets are worth less than $1,000, it has paid all fees and penalties payable under the Act, it has no outstanding liabilities and it is not a party to any legal proceedings. The company, a director or member, or a liquidator can apply.

Source: [ASIC: Voluntary deregistration of a company](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/voluntary-deregistration-of-a-company)

## How to deregister a company with ASIC, step by step

Dispose of all the company's assets first; otherwise they usually vest in ASIC or the Commonwealth after deregistration. Cancel any Australian financial services licence or credit licence the company holds ([ASIC](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/voluntary-deregistration-of-a-company)). Close the company bank accounts, cancel registered business names and licences, and lodge the final tax return ([business.gov.au](https://business.gov.au/registrations/cancel-registrations/deregister-a-company)).

- Apply online through the company officeholder or registered agent portal, or email Form 6010 with a payment receipt ([ASIC Form 6010](https://asic.gov.au/regulatory-resources/forms/forms-folder/6010-application-for-voluntary-deregistration-of-a-company)).
- Pay the fee. The [ASIC fee schedule](https://www.asic.gov.au/for-business-and-companies/forms-and-fees/all-fees/fees-for-commonly-lodged-documents) lists $52 to apply for voluntary deregistration of a company. ASIC does not refund it, even if the application is rejected.
- Time it. If you do not want to pay the next annual review fee, apply at least 2 weeks before it is due. If ASIC's notice is not published before the review fee is due, the fee must be paid before the company can be deregistered ([ASIC](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/voluntary-deregistration-of-a-company)).
- Wait for the notice. If ASIC approves the application it publishes a notice on its Published notices website, and two months later the company may be deregistered. Online applications are processed immediately; paper ones can take up to two weeks ([business.gov.au](https://business.gov.au/registrations/cancel-registrations/deregister-a-company)).
- Expect objections from creditors. A creditor or other third party can ask ASIC to defer deregistration for an initial 30 days if it has started, or plans to start, legal proceedings against the company. If you change your mind, ask ASIC to stop the deregistration; it responds within 28 days ([ASIC](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/voluntary-deregistration-of-a-company)).

Source: [ASIC: Form 6010, application for voluntary deregistration of a company](https://asic.gov.au/regulatory-resources/forms/forms-folder/6010-application-for-voluntary-deregistration-of-a-company)

## Winding up a solvent company: members' voluntary liquidation

A solvent company that does not qualify for voluntary deregistration, for example because it still holds assets worth more than $1,000, is wound up by a liquidator. Its assets are sold and the proceeds divided among creditors and members, and the company is deregistered when the winding up is complete. [ASIC](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/wind-up-a-solvent-company) sets out seven stages:

- If the liquidator thinks the company will be unable to pay its debts within 12 months, they must hold a meeting of creditors, appoint a voluntary administrator or apply to the court to wind the company up in insolvency.
- A member or creditor can ask the court to review any part of the process, including the appointment and payment of the liquidator.

| Stage | Who acts | Rule or deadline |
| --- | --- | --- |
| 1. Declaration of solvency (Form 520) | A majority of directors, at a directors' meeting | They must believe the company can pay all its debts in full within 12 months; a false declaration is an offence |
| 2. Lodge the declaration with ASIC | The company | Before the members are sent notice of the meeting |
| 3. Notice to members | The company | At least 21 days before the meeting, unless members agree to a shorter period |
| 4. Members' meeting | Members pass a special resolution and appoint a liquidator | Within 5 weeks of the declaration; the winding up begins on the date of the resolution. The liquidator lodges Form 505 within 14 days of appointment |
| 5. Tell ASIC about the resolution (Form 205) | The company | Within 7 days |
| 6. Publish notice of the resolution | The company or the liquidator | By the end of the business day after the liquidator's appointment; the notice fee is $64 |
| 7. Wind up and deregister | The liquidator | Form 5602 each year, within 3 months of each anniversary of appointment; Form 5603 within one month after the end. Deregistration follows 3 months after Form 5603 |

Source: [ASIC: Wind up a solvent company](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/wind-up-a-solvent-company)

## If the company cannot pay its debts: creditors' voluntary liquidation

If the company cannot pay its debts, read [how voluntary administration works](https://origindatapartners.com/guides/voluntary-administration-company-data-australia), including DOCAs, small business restructuring and what happens to the records.

A company is insolvent when it cannot pay all its debts as and when they become due, and its directors have a legal obligation not to let it trade while insolvent. A director can be held responsible for insolvent trading even after leaving the company ([ASIC](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/wind-up-an-insolvent-company)). ASIC's advice is to contact a registered liquidator, accountant or lawyer as soon as you think the company is in financial difficulty.

- Creditors' voluntary liquidation is the most common type of liquidation of an insolvent company. The company resolves by special resolution to be wound up, or enters liquidation after a voluntary administration or a terminated deed of company arrangement. The liquidator collects and sells the assets, repays creditors from the proceeds, and ASIC deregisters the company 3 months after the liquidator lodges the relevant form ([ASIC](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/wind-up-an-insolvent-company)).
- Simplified liquidation is a streamlined creditors' voluntary winding up for companies whose liabilities do not exceed $1 million on the day a liquidator is first appointed. The company must have lodged the returns and other documents the tax law requires, and creditors' meetings are not held ([ASIC](https://asic.gov.au/regulatory-resources/insolvency/insolvency-for-directors/faqs-simplified-liquidation)).
- Voluntary administration gives an administrator time to find a way to save the company or its business. Creditors then decide whether the company returns to the directors, enters a deed of company arrangement or goes into liquidation ([ASIC](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/wind-up-an-insolvent-company)).
- Small business restructuring is the route for a business that wants to survive rather than close: total liabilities must not exceed $1 million, directors keep control while a restructuring practitioner helps them prepare a plan, and the company cannot propose a plan unless employee entitlements that are due have been paid and the returns the tax law requires have been given, or substantially so ([ASIC](https://www.asic.gov.au/regulatory-resources/insolvency/insolvency-for-directors/small-business-restructuring-and-the-restructuring-plan)).
- Court liquidation happens when a creditor applies to a court for an order to appoint a liquidator and wind up the company ([ASIC](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/wind-up-an-insolvent-company)).

Source: [ASIC: Wind up an insolvent company](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/wind-up-an-insolvent-company)

## Final tax lodgments before you deregister

Before you voluntarily deregister, the [ATO](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/deregistering-a-company) says the company's tax and superannuation obligations must be up to date, and it must have processed every overdue and final form:

- Tax returns, activity statements, fringe benefits tax returns and taxable payments annual reports.
- Payment of all outstanding debts.
- The company's super affairs, including super guarantee amounts and charges.
- End of year reporting, for example through Single Touch Payroll.
- A replacement trustee, if the company is the corporate trustee of a super fund or trust; and final obligations if it is part of a GST group or income tax group, or a partner in a partnership.
- The final activity statement covers the tax period in which your registration cancellation takes effect. It reports all sales, purchases and importations in that period, including the sale of the business, and any adjustment for assets held after cancellation ([ATO](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/final-lodgments-and-record-keeping)).
- Report shareholder loans and remaining assets correctly. Getting them wrong can put an unfranked deemed dividend in assessable income ([ATO](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/final-lodgments-and-record-keeping)).

Source: [ATO: Deregistering a company](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/deregistering-a-company)

## Cancel your ABN, GST and PAYG withholding

Cancel registrations in the right order, and only after you have lodged the activity statements and tax returns, paid outstanding tax debts, completed employee obligations, including super and STP, and repaid any refunds you were not entitled to ([ATO](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/cancelling-business-registrations)).

- How to cancel an ABN: online through ABR online services, which needs a Digital ID (myID) and Relationship Authorisation Manager; select Cancel ABN and confirm the business has ceased trading or been sold. Changes made online take effect immediately ([ABR](https://www.abr.gov.au/business-super-funds-charities/updating-or-cancelling-your-abn/cancel-your-abn)). Check the postal address on the ABR first, because the cancellation notice is sent there ([ATO](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/cancelling-business-registrations)).
- GST, PAYG withholding and other registrations can be cancelled through Online services for business, a registered tax or BAS agent, by phone on 13 28 66 or with the Application to cancel registration (NAT 2955) form ([ATO](https://www.ato.gov.au/businesses-and-organisations/gst-excise-and-indirect-taxes/gst/if-your-business-changes-or-ceases/cancelling-your-gst-registration)).
- Cancelling a registration does not end the duty to lodge final returns and activity statements, complete employee and super reporting, or keep records.
- Sole traders have no company to deregister. Closing means the same business.gov.au steps, a final tax return, cancelling GST within 21 days and the ABN within 28 days. Anyone who cannot pay the business's debts should speak to an accountant, insolvency practitioner or lawyer straight away ([business.gov.au](https://business.gov.au/exiting/closing-your-business/close-your-business)).

| Registration | When to cancel | Source |
| --- | --- | --- |
| GST | Within 21 days of selling or closing the business. A company that no longer carries on a business but is still registered with ASIC must cancel GST | [ATO](https://www.ato.gov.au/businesses-and-organisations/gst-excise-and-indirect-taxes/gst/if-your-business-changes-or-ceases/cancelling-your-gst-registration) |
| PAYG withholding | Before you cancel the ABN | [ABR](https://www.abr.gov.au/business-super-funds-charities/updating-or-cancelling-your-abn/cancel-your-abn) |
| ABN | Within 28 days of closing. A company still registered with ASIC can choose to keep its ABN; the ATO cancels it when the company is deregistered | [ATO GST page](https://www.ato.gov.au/businesses-and-organisations/gst-excise-and-indirect-taxes/gst/if-your-business-changes-or-ceases/cancelling-your-gst-registration); [ATO](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/deregistering-a-company) |
| Fuel tax credits, luxury car tax, wine equalisation tax | Cancelled automatically with GST or the ABN | [ATO](https://www.ato.gov.au/businesses-and-organisations/gst-excise-and-indirect-taxes/gst/if-your-business-changes-or-ceases/cancelling-your-gst-registration) |
| Business names | Tell ASIC; a company's business names are cancelled when it is deregistered | [business.gov.au](https://business.gov.au/exiting/closing-your-business/close-your-business); [ASIC](https://asic.gov.au/for-business-and-companies/companies/deregistered-company-property) |

Source: [ATO: Cancelling business registrations](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/cancelling-business-registrations)

## Employees: notice, redundancy pay, final pay and super

An employer must give written notice of the day of termination, or pay in lieu of notice at the employee's full rate. Under the National Employment Standards the minimum notice is 1 week for 1 year or less of continuous service, 2 weeks for more than 1 year up to 3 years, 3 weeks for more than 3 years up to 5 years and 4 weeks for more than 5 years ([Fair Work Ombudsman](https://www.fairwork.gov.au/tools-and-resources/fact-sheets/minimum-workplace-entitlements/notice-of-termination-and-redundancy-pay)). Redundancy pay depends on continuous service and is paid at the base rate for ordinary hours:

- Employees over 45 with at least 2 years' service when they receive notice get an extra week of notice.
- Redundancy pay does not apply to employees with less than 12 months' continuous service, or to most employees of a small business, which means an employer with fewer than 15 employees when notice is given. Awards and enterprise agreements can set different redundancy terms.
- Final pay includes wages owing and unused annual leave, with leave loading if it would have been paid during employment. Most awards require final pay within 7 days after the last day of employment, and payment in lieu of notice must be made on or before the day of termination ([Fair Work Ombudsman](https://www.fairwork.gov.au/ending-employment/final-pay)).
- Super: for earnings paid from 1 July 2026, a super guarantee contribution is on time if the employee's fund receives it within 7 business days after you pay the employee. Late payment makes the employer liable for the super guarantee charge ([ATO](https://www.ato.gov.au/businesses-and-organisations/super-for-employers/paying-super-on-payday/payment-deadlines-for-payday-super)).
- Directors stay exposed. Directors may still be liable for some debts incurred before deregistration, and the ATO can recover unpaid PAYG withholding, net GST and super guarantee charge under the director penalty regime ([ATO](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/deregistering-a-company)).
- If the company goes into liquidation unable to pay, eligible employees can claim through the Fair Entitlements Guarantee: up to 13 weeks of unpaid wages, annual and long service leave, up to 5 weeks of pay in lieu of notice and up to 4 weeks of redundancy pay per full year of service. It does not cover super ([Fair Work Ombudsman](https://www.fairwork.gov.au/tools-and-resources/fact-sheets/minimum-workplace-entitlements/notice-of-termination-and-redundancy-pay)).

| Continuous service | Redundancy pay |
| --- | --- |
| At least 1 year but less than 2 years | 4 weeks |
| At least 2 years but less than 3 years | 6 weeks |
| At least 3 years but less than 4 years | 7 weeks |
| At least 4 years but less than 5 years | 8 weeks |
| At least 5 years but less than 6 years | 10 weeks |
| At least 6 years but less than 7 years | 11 weeks |
| At least 7 years but less than 8 years | 13 weeks |
| At least 8 years but less than 9 years | 14 weeks |
| At least 9 years but less than 10 years | 16 weeks |
| At least 10 years | 12 weeks |

Source: [Fair Work Ombudsman: Notice of termination and redundancy pay fact sheet](https://www.fairwork.gov.au/tools-and-resources/fact-sheets/minimum-workplace-entitlements/notice-of-termination-and-redundancy-pay)

## What happens to assets left in a deregistered company

A company ceases to exist on deregistration. All its property, other than property it held on trust, vests in ASIC, and trust property vests in the Commonwealth ([Corporations Act section 601AD](https://www.legislation.gov.au/C2004A00818/latest/text)). ASIC is then generally the only party legally able to deal with it, and former officeholders lose the right to deal with property registered in the company's name ([ASIC](https://asic.gov.au/for-business-and-companies/companies/deregistered-company-property)).

- Bank accounts: a bank should freeze an account held by a deregistered company. ASIC recommends giving the client a reasonable opportunity, up to 60 days, to reinstate the company; after that, company funds go to ASIC's Unclaimed Monies Unit ([ASIC](https://asic.gov.au/for-business-and-companies/companies/deregistered-company-property/bank-accounts-of-a-deregistered-company)).
- Tax refunds: after deregistration the ATO stops paying refunds to the company; credits the company was entitled to go to ASIC, unless the company is reinstated or a GST credit arose after a liquidator was appointed ([ATO](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/deregistering-a-company)).
- Business names do not vest in ASIC; ASIC cancels them ([ASIC](https://asic.gov.au/for-business-and-companies/companies/deregistered-company-property)).
- Getting property back means reinstating the company or applying to ASIC to deal with the property. The [ASIC fee schedule](https://www.asic.gov.au/for-business-and-companies/forms-and-fees/all-fees/fees-for-commonly-lodged-documents) lists $934 for an application for ASIC to exercise its powers to deal with property of a defunct company.
- The simplest fix is prevention: sell or distribute everything, including domain names, intellectual property and data, before the company is deregistered.

Source: [ASIC: Deregistered company property](https://asic.gov.au/for-business-and-companies/companies/deregistered-company-property)

## How long to keep company records after closing

Closing the company does not end record-keeping duties. Generally, business records are kept for 5 years and employee records for 7 years, and customer records you do not need should be securely destroyed or de-identified ([business.gov.au](https://business.gov.au/exiting/closing-your-business/close-your-business)). The specific rules:

- Keep your own copies of tax documents. ASIC understands the ATO's position to be that only the company itself can obtain its documents, so a former director would need the company reinstated to get them ([ASIC](https://asic.gov.au/for-business-and-companies/companies/deregistered-company-property/books-and-records-of-a-deregistered-company)).
- Do not send the books to ASIC. Books and records of a deregistered company may vest in ASIC, but ASIC does not take possession of them and returns any it did not request.
- Customer and staff records carry personal information. See [the Privacy Act and licensing Australian company data](https://origindatapartners.com/guides/australia-privacy-act-ai-data-licensing) before you keep, destroy or share them.

| Record | Keep for | Source |
| --- | --- | --- |
| Financial records that record and explain the company's transactions and financial position | 7 years after the transactions are completed | [Corporations Act section 286](https://www.legislation.gov.au/C2004A00818/latest/text) |
| Tax records: sales and purchases, payments to employees and other businesses | 5 years after they are prepared or obtained, or the transactions completed, whichever is later | [ATO](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/final-lodgments-and-record-keeping) |
| Time and wages records | 7 years | [Fair Work Ombudsman](https://www.fairwork.gov.au/pay-and-wages/paying-wages/record-keeping) |
| Company books, held by the directors in office just before deregistration | 3 years after deregistration | [Corporations Act section 601AD(5)](https://www.legislation.gov.au/C2004A00818/latest/text); [ASIC](https://asic.gov.au/for-business-and-companies/companies/deregistered-company-property/books-and-records-of-a-deregistered-company) |
| Books and records held by a liquidator | Generally 5 years from the end of the external administration | [ASIC](https://asic.gov.au/for-business-and-companies/companies/deregistered-company-property/books-and-records-of-a-deregistered-company) |

Source: [ASIC: Books and records of a deregistered company](https://asic.gov.au/for-business-and-companies/companies/deregistered-company-property/books-and-records-of-a-deregistered-company)

## Reinstatement: why a deregistered company can come back

Deregistration is not always final. A reinstated company is treated as if it had never been deregistered: the directors become directors again and its property vests back in the company ([ASIC](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/voluntary-deregistration-of-a-company)). [ASIC](https://asic.gov.au/for-business-and-companies/companies/company-reinstatement/reinstate-a-company-after-deregistration) gives examples of when that can happen:

- An officeholder or member applied for voluntary deregistration but made an incorrect declaration on the application.
- Someone started legal proceedings against the company before it was deregistered.
- Someone, such as a creditor or a party to a contract with the company, believes they were negatively affected by the deregistration and asks a court to order reinstatement.
- The ATO may apply to reinstate a deregistered company to pursue liabilities it owed before deregistration ([ATO](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/deregistering-a-company)).
- Officers of the company may still be liable for things done before deregistration ([Corporations Act section 601AD](https://www.legislation.gov.au/C2004A00818/latest/text)). Answer every Form 6010 question accurately and settle every debt first.
- Reinstating it yourself costs money: an application fee, the fees the company owed ASIC when it was deregistered and annual review fees for the years it was deregistered. ASIC may take another 28 days to decide once it has the application and payment ([ASIC](https://asic.gov.au/for-business-and-companies/companies/company-reinstatement/apply-to-asic-to-reinstate-a-company)).

Source: [ASIC: Reinstate a company after deregistration](https://asic.gov.au/for-business-and-companies/companies/company-reinstatement/reinstate-a-company-after-deregistration)

## Can I just stop paying ASIC fees and let the company lapse?

You can, but it is not a clean exit. Until it is deregistered, a company must keep meeting its legal obligations, including annual review fees, even when it is not trading ([business.gov.au](https://business.gov.au/registrations/cancel-registrations/deregister-a-company)). From 1 July 2026 the annual review fee for a proprietary company is $342, and a late payment fee applies if it is not paid within 2 months after the review date ([ASIC fee schedule](https://www.asic.gov.au/for-business-and-companies/forms-and-fees/all-fees/fees-for-commonly-lodged-documents)).

ASIC most commonly initiates deregistration when a company has not paid its annual review fee in full for at least 12 months after the due date. It writes to the company and its directors, marks the company "strike off in progress" and may deregister it 2 months after publishing a notice ([ASIC](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/when-asic-initiates-a-company-s-deregistration)). The result is the same as voluntary deregistration, with the same consequences: property vests in ASIC, tax refunds go to ASIC and directors can still face penalties, and creditors or the ATO can seek reinstatement. Voluntary deregistration costs $52, and applying at least 2 weeks before the next review fee is due can avoid that fee.

Source: [ASIC: When ASIC initiates a company's deregistration](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/when-asic-initiates-a-company-s-deregistration)

## Before you delete company systems, check what the records are worth

A closing checklist usually ends with cancelling subscriptions, and that deletes the email, chat, ticketing and code archives with them. In Australia there is a third reason to check first: anything the company still owns at deregistration vests in ASIC, and voluntary deregistration requires assets worth less than $1,000. Decide what the records are worth before you apply, not after.

Checking the value takes minutes: [see what your company's records are worth](https://origindatapartners.com/check-fit) from six questions about the business, before any system is cancelled.

- Retention: keep what the law requires (see the table above) and preserve anything tied to a dispute or claim.
- Value: operational records such as support tickets, work orders, email and chat archives and code repositories can be licensed to AI developers. AI labs are buying data from dead startups to train their models, [MIT Technology Review reported](https://www.technologyreview.com/2026/10/13/1145755/ai-labs-buying-data-from-dead-startups-to-train-models/) in October 2026, and [Fast Company reported](https://www.fastcompany.com/91528808/shuttered-startups-are-selling-old-slack-chats-and-emails-to-ai-companies) that shuttered startups are selling old Slack chats and emails to AI companies.
- Privacy: these archives carry staff and customer details. Suppliers scrub personally identifiable information and exclude HR records, according to MIT Technology Review. For the Australian rules see [the Privacy Act guide](https://origindatapartners.com/guides/australia-privacy-act-ai-data-licensing) and [how to de-identify company data](https://origindatapartners.com/guides/de-identify-company-data-before-licensing).

Source: [MIT Technology Review: AI labs buying data from dead startups (Oct 2026)](https://www.technologyreview.com/2026/10/13/1145755/ai-labs-buying-data-from-dead-startups-to-train-models/)

## How to keep that option open

Export first, keep admin access and describe what you hold at company level: the systems, years covered and approximate volume. The [data inventory template](https://origindatapartners.com/blog/company-data-inventory-template) gives the columns, and the [deals tracker](https://origindatapartners.com/guides/ai-data-licensing-deals) lists public prices as reported.

In a liquidation the liquidator controls and sells the company's assets ([ASIC](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/wind-up-an-insolvent-company)), so a licensing fee is company money that goes to creditors before members. For the Australian market see [selling company data in Australia](https://origindatapartners.com/sell-company-data/australia); for the general route see [selling company data after closing](https://origindatapartners.com/guides/sell-company-data-after-closing), [how Origin helps companies winding down](https://origindatapartners.com/who-we-help/companies-winding-down) and the [US closing checklist](https://origindatapartners.com/guides/closing-a-business-checklist) for a US entity.


## How long it takes to close a company in Australia

The timing depends on the route. Each rule is sourced in the sections above.

| When | What | Rule |
| --- | --- | --- |
| Before the last working day | Written notice to employees | 1 to 4 weeks, plus a week for employees over 45 with 2 years' service |
| Within 7 days of the last day | Final pay | Most awards; pay in lieu of notice on or before the termination day |
| Within 7 business days of final payday | Super guarantee received by the fund | Payday Super, for earnings paid from 1 July 2026 |
| Within 21 days of closing | Cancel GST | ATO |
| Within 28 days of closing | Cancel the ABN, unless the company keeps it until deregistration | ATO and business.gov.au |
| At least 2 weeks before the annual review fee is due | Lodge Form 6010 | Avoids paying the next review fee |
| 2 months after ASIC's notice | Voluntary deregistration | ASIC; a creditor can ask for a 30-day deferral |
| Members' voluntary liquidation | 21 days' notice to members; meeting within 5 weeks of the declaration of solvency; deregistration 3 months after Form 5603 | ASIC |
| Creditors' voluntary liquidation | Deregistration 3 months after the liquidator's final form | ASIC |
| 3 years after deregistration | Former directors may stop keeping the company's books | Corporations Act section 601AD(5) |
| 7 years after the transactions | Financial records may be discarded, if no other rule or dispute applies | Corporations Act section 286 |


## Next step

Start with one list of every asset, creditor, employee, registration and system, and check the company against the six voluntary deregistration conditions. If it holds years of tickets, work orders, chat or code, describe them before anything is cancelled or the company applies to ASIC; no export is needed to find out whether they are worth licensing.

Origin Data Partners is independent and is not affiliated with any AI data buyer. We help owners compare buyers and find the best fit for their records. [See what your data is worth](https://origindatapartners.com/check-fit).


## Questions and answers

### How do I deregister a company in Australia?

If all members agree, the company is not conducting business, its assets are worth less than $1,000, it has no outstanding liabilities, it is not involved in legal proceedings and it has paid all ASIC fees and penalties, apply to ASIC on Form 6010, online or by email, and pay the $52 fee. Lodge final tax returns, pay employees and super, cancel GST and dispose of the assets first. ASIC publishes a notice and may deregister the company 2 months later.

### How much does it cost to deregister a company in Australia?

ASIC charges $52 to apply for voluntary deregistration on Form 6010, and it does not refund the fee if the application is rejected. Apply at least 2 weeks before the next annual review fee is due to avoid paying that fee too; for a proprietary company it is $342 from 1 July 2026. A company that has to be wound up also pays its liquidator, and a members' voluntary liquidation needs a published notice that costs $64.

### How long does it take to deregister a company with ASIC?

Voluntary deregistration takes at least two months. ASIC processes online applications immediately and paper ones can take up to two weeks; once the notice is published, the company may be deregistered two months later. A company wound up by a liquidator is deregistered 3 months after the liquidator lodges the final form, which comes after the liquidation itself.

### Can I deregister a company with debts?

Not through voluntary deregistration: the company must have no outstanding liabilities, including employee entitlements. A solvent company that can pay its debts in full within 12 months can be wound up in a members' voluntary liquidation. An insolvent company should get advice from a registered liquidator, accountant or lawyer; it usually goes into a creditors' voluntary liquidation, or a simplified liquidation if its liabilities do not exceed $1 million.

### What is the difference between deregistration and liquidation?

Liquidation, or winding up, is the process in which a liquidator sells the company's assets and pays its creditors and members. Deregistration is the end point, when the company ceases to exist as a legal entity. A company with no liabilities and assets worth less than $1,000 can skip liquidation and apply for voluntary deregistration; a liquidated company is deregistered 3 months after the liquidator's final form.

### Do I need to cancel my ABN when I close my company?

Cancel GST within 21 days and the ABN within 28 days of closing the business, after lodging all activity statements and returns and cancelling PAYG withholding. A company that has stopped trading but is still registered with ASIC can choose to keep its ABN while it winds up; the ATO cancels the ABN and all its registrations when ASIC deregisters the company.

### What happens to company assets after deregistration?

They vest in ASIC, and property the company held on trust vests in the Commonwealth. Money in the company's bank accounts goes to ASIC's Unclaimed Monies Unit and ATO refunds go to ASIC. Former directors lose the right to deal with the property, so getting it back means reinstating the company or applying to ASIC. Sell or distribute everything, including data and intellectual property, before you deregister.

## Sources

- [ASIC: Voluntary deregistration of a company](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/voluntary-deregistration-of-a-company)
- [ASIC: Form 6010, application for voluntary deregistration of a company](https://asic.gov.au/regulatory-resources/forms/forms-folder/6010-application-for-voluntary-deregistration-of-a-company)
- [ASIC: Fees for commonly lodged documents](https://www.asic.gov.au/for-business-and-companies/forms-and-fees/all-fees/fees-for-commonly-lodged-documents)
- [ASIC: Wind up a solvent company](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/wind-up-a-solvent-company)
- [ASIC: Wind up an insolvent company](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/wind-up-an-insolvent-company)
- [ASIC: FAQs on simplified liquidation](https://asic.gov.au/regulatory-resources/insolvency/insolvency-for-directors/faqs-simplified-liquidation)
- [ASIC: Small business restructuring and the restructuring plan](https://www.asic.gov.au/regulatory-resources/insolvency/insolvency-for-directors/small-business-restructuring-and-the-restructuring-plan)
- [ASIC: When ASIC initiates a company's deregistration](https://asic.gov.au/for-business-and-companies/companies/company-deregistration-and-winding-up/when-asic-initiates-a-company-s-deregistration)
- [ASIC: Deregistered company property](https://asic.gov.au/for-business-and-companies/companies/deregistered-company-property)
- [ASIC: Bank accounts of a deregistered company](https://asic.gov.au/for-business-and-companies/companies/deregistered-company-property/bank-accounts-of-a-deregistered-company)
- [ASIC: Books and records of a deregistered company](https://asic.gov.au/for-business-and-companies/companies/deregistered-company-property/books-and-records-of-a-deregistered-company)
- [ASIC: Reinstate a company after deregistration](https://asic.gov.au/for-business-and-companies/companies/company-reinstatement/reinstate-a-company-after-deregistration)
- [ASIC: Apply to ASIC to reinstate a company](https://asic.gov.au/for-business-and-companies/companies/company-reinstatement/apply-to-asic-to-reinstate-a-company)
- [Corporations Act 2001 (Cth), sections 286, 601AA, 601AB, 601AD and 601AH (legislation.gov.au)](https://www.legislation.gov.au/C2004A00818/latest/text)
- [ATO: Deregistering a company](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/deregistering-a-company)
- [ATO: Cancelling business registrations](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/cancelling-business-registrations)
- [ATO: Final lodgments, payments and record keeping](https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/changing-selling-or-closing-your-business/final-lodgments-and-record-keeping)
- [ATO: Cancelling your GST registration](https://www.ato.gov.au/businesses-and-organisations/gst-excise-and-indirect-taxes/gst/if-your-business-changes-or-ceases/cancelling-your-gst-registration)
- [ATO: Payment deadlines for Payday Super](https://www.ato.gov.au/businesses-and-organisations/super-for-employers/paying-super-on-payday/payment-deadlines-for-payday-super)
- [Australian Business Register: Cancel your ABN](https://www.abr.gov.au/business-super-funds-charities/updating-or-cancelling-your-abn/cancel-your-abn)
- [business.gov.au: Close your business](https://business.gov.au/exiting/closing-your-business/close-your-business)
- [business.gov.au: Deregister a company](https://business.gov.au/registrations/cancel-registrations/deregister-a-company)
- [Fair Work Ombudsman: Notice of termination and redundancy pay fact sheet](https://www.fairwork.gov.au/tools-and-resources/fact-sheets/minimum-workplace-entitlements/notice-of-termination-and-redundancy-pay)
- [Fair Work Ombudsman: Final pay](https://www.fairwork.gov.au/ending-employment/final-pay)
- [Fair Work Ombudsman: Record-keeping](https://www.fairwork.gov.au/pay-and-wages/paying-wages/record-keeping)
- [MIT Technology Review: AI labs buying data from dead startups (Oct 2026)](https://www.technologyreview.com/2026/10/13/1145755/ai-labs-buying-data-from-dead-startups-to-train-models/)
- [Fast Company: shuttered startups are selling old Slack chats and emails to AI companies (Apr 2026)](https://www.fastcompany.com/91528808/shuttered-startups-are-selling-old-slack-chats-and-emails-to-ai-companies)

## Related reading

- [/sell-company-data/australia](https://origindatapartners.com/sell-company-data/australia)
- [Can an Australian business license its data to AI companies?](https://origindatapartners.com/guides/australia-privacy-act-ai-data-licensing)
- [Closing a software business: what could have value beyond the code?](https://origindatapartners.com/guides/sell-company-data-after-closing)
- [/who-we-help/companies-winding-down](https://origindatapartners.com/who-we-help/companies-winding-down)
- [How to close a business: a step-by-step US checklist](https://origindatapartners.com/guides/closing-a-business-checklist)