Closing a small business
Closing your company
Even if your company has stopped trading, it's still registered with ASIC. This means that you must still meet the legal obligations of a company, including paying the annual review fee.
If you close your company, you don't have to continue paying your annual review fee. You also don't have to keep your details up to date. This saves you both time and money.
Cancelling your business name
If you're not trading any more, cancelling your business name means that you don't need to renew your business name or keep your details up to date.