Australia: My Experience With The Stock Market - Part 4

Aside from stonks, I was also researching about ETFs (exchange traded funds). It's like mutual funds but no. Then I came across spaceship voyager  then raiz .  If you want to know more about the two, you can refer to this  article . Below is a summary: 📌Make sure you understand the product and the risks involved before investing.  Source: Update: I opened an account with Raiz and will do a review after a few months 😊 . If you want to get started, maybe you can use my referral link here  to have  $5 for me, $5 for you! Thanks!   

Business Closure

There are many reasons why businesses close. It may be voluntary or involuntary. In that case, one has to know how to properly close his/her business to avoid future financial obligations to the government.
Closing the business is undoing what you did during the registration process:
  • Closure of business with
    • DTI
      • Letter request signed by the owner
      • Affidavit of cancellation of the registered business name stating the reason of closure and that owner has no outstanding financial obligation at the time of closure
      • Original copy of the business name certificate and the duplicate copy of the application form
    • SEC
      • Same as above
  • LGU (Local Government Unit - Mayor's permit, barangay permit)
    • Affidavit of Gross indicating the reason of closure and date of closure
    • Mayor's permit
    • Financial statements
    • Sketch
    • Last Payment
    • Certificate of closure from the barangay captain indicating date of closure
  • Notice and clearances from other government agencies - if your business is registered with CHED, BSP etc., notice of closure must also be furnished to the agencies.
  • Closing the business at BIR (to be filed within 10 days from retirement of business)
    • Make sure that all taxes are paid.
    • BIR Form 1905
    • Letter of request stating reason of closure
    • Original certificate of registration
    • Books of accounts
    • Inventory list of unused receipts and invoices
    • Unused receipts and invoices for cancellation
    • Death certificate & payment of estate taxes if applicable
      • Submit all documents and the RDO will verify if there are open cases against the taxpayer. RDO will request for an audit for unaudited taxable years prior to closure and upon complying with the requirements of the audit, RDO will issue tax clearance for closure of the business.
Closing a business is very tedious; however, non-compliance of the notification would lead to more tedious consequences.


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