Hi,
I am currently working as a sole trader under an ABN and plan on operating another company with a different ACN (registrations are not related). They will be on the same field - health care - and I wanted to ask if I need to file for a separate ITR for the 2 business. As they will be unrelated, in terms of registration, will the salary be combined at the end of the financial year or be filed separately? Thanks for your answer, appreciate it!
I am currently working as a sole trader under an ABN and plan on operating another company with a different ACN
Sole trader is not a company.
Different ACN or different ABN? If your company has an ACN, then it is really a company - and should have its own ABN.
If you do not really have a company (pty ltd) then a sole trader can only have one ABN - but can create sub accounts e.g. ABN/001
You should get proper advice so that you understand your structure(s) - and whether PSI applies to your income.
I am currently working as a sole trader under an ABN and plan on operating another company with a different ACN
Sole trader is not a company.
Different ACN or different ABN? If your company has an ACN, then it is really a company - and should have its own ABN.
If you do not really have a company (pty ltd) then a sole trader can only have one ABN - but can create sub accounts e.g. ABN/001
You should get proper advice so that you understand your structure(s) - and whether PSI applies to your income.
Hi @Bruce4Tax ,
Thank you for your response and apologies for the not explaining it clearly.
I currently have 2 businesses (same field). 1. As a sole trader (has it's own ABN) and 2. I registered a new company (PTY LTD). The company's ABN is entirely different than that on my sole trader ABN.
Eg. Sole Trader ABN - 1234567 ; ABN (from ACN) - 8989898
With the Income Tax Return that I will file every year, will there be 2 ITRs? or will there only be 1 combine total income?
Thank you for your time!
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