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## Considering Pausing Business Activities for a Year or Two

I have been working in the IT field for quite some time now, and about two years ago, I decided to start my own company as a side gig. Over the years, I have managed to secure some work from my previous employer on and off. However, I have recently taken the decision to rejoin my ex-employer, which means that I will not be able to dedicate extra hours to my own business for the foreseeable future, possibly for at least a year.

Despite this change in my professional circumstances, I am uncertain about the logistics of pausing my business activities. Can I actually put a hold on my company’s operations for a year or even two? Additionally, I am unsure if I still need to pay the yearly business fee of $500+ to ASICs during this inactive period.

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2 Comments

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  • Queasy_Application56

    It’s under $300 not $500+ and yes to keep the company active you need to pay the asic fee. It cannot be paused

    You should close the company and just be a sole trader anyway