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Wilangwat(Newbie)Newbie
28 Jan 2023

I was divorced in August 21 and property settlement finalised. As part of this I retained the family farm. Farm previously operated through a partnership.


Land was held in a trust.


I intended to operate the farming business through the same trust, however have realised now this did not occur.


Question

Can I correct this?


Can I backdate GST registration for the trust and transfer all BAS’s from me as a sole trader since August 21 to the trust, and then continue to operate through the trust?

246 views
1 replies
246 views
1 replies

Most helpful response

Most helpful reply

DanielleATO(Community Support)Community Support
31 Jan 2023

Hi @Wilangwat,


If you have incorrectly chosen a Sole Trader business structure instead of a Trust; you may be able to change the entity type.


If you have the Trust already established, you can register for GST and backdate up to four years.


When it comes to the lodgements you have completed under your Individual Sole Trader ABN; you have a couple of options. You could complete revisions of the BAS if there are 4 or less incorrectly lodged and re-lodge on the Trust. You would then to reconcile any payments or refunds that occur from those revisions. If you have lodged 5 or more, we would need to escalate the request to have them transferred.

All replies

Most helpful reply

DanielleATO(Community Support)Community Support
31 Jan 2023

Hi @Wilangwat,


If you have incorrectly chosen a Sole Trader business structure instead of a Trust; you may be able to change the entity type.


If you have the Trust already established, you can register for GST and backdate up to four years.


When it comes to the lodgements you have completed under your Individual Sole Trader ABN; you have a couple of options. You could complete revisions of the BAS if there are 4 or less incorrectly lodged and re-lodge on the Trust. You would then to reconcile any payments or refunds that occur from those revisions. If you have lodged 5 or more, we would need to escalate the request to have them transferred.

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