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Tonse(Initiate)Initiate
2 Sept 2023

I have registered an ABN as a Sole Trader with two trading names. One business relating to Travel bookings did not progress much so I need to close this. For the other Trade name that business is for Business Advisory and is ongoing but I want to change the Trading name. What is the process for doing both the above.

Do I have to apply to ATO for a separate TFN for this ABN though this is a Sole Trader business.

Last question if I want to restructure this operating Business Advisory business under a Family Trust. I expect the Family trust to also do investments in other assets including businesses. What is the procedure to do that. I need to keep the same name of the Business advisory business.

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3,604 views
5 replies

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Most helpful reply

JacobATO(Community Support)Community Support
4 Sept 2023

Hey @Tonse


Trading names are no longer used, and you will need to register a business name with for similar functionality. Business names can be used in place of the legal name of an entity (in a sole trader’s case their individual name). A sole trader can only have one TFN and ABN as you can only be yourself, but you can change your business name and the main activity of your business.


If you were to change the structure of your business too that of a Family trust then you will need to Apply for a new ABN for the trust. You would then cancel your Sole trader ABN as it is ceasing to operate and Transfer your business name to the trust.

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Most helpful reply

JacobATO(Community Support)Community Support
4 Sept 2023

Hey @Tonse


Trading names are no longer used, and you will need to register a business name with for similar functionality. Business names can be used in place of the legal name of an entity (in a sole trader’s case their individual name). A sole trader can only have one TFN and ABN as you can only be yourself, but you can change your business name and the main activity of your business.


If you were to change the structure of your business too that of a Family trust then you will need to Apply for a new ABN for the trust. You would then cancel your Sole trader ABN as it is ceasing to operate and Transfer your business name to the trust.

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Tonse(Initiate)Initiate
20 Sept 2023



Thanks for your clear and prompt response. Just to clarify a bit further if I start a family trust with a corporate Trustee which will have its own ABN and TFN, I could have multiple business' operating under the trust with different Business names and these will all be linked to the ABN and TFN. Can I have separate books of account for each of the business'. But i will need to consolidate the Income and Profits/Losses from the various business' for the purpose of the trust tax return?

CatherineATO(Community Support)Community Support
21 Sept 2023

Hey @Tonse,


Yep, spot on. Remember that the businesses must all be under the one legal structure. Can't cross a parternship structure with a P/L structure etc.

On the return you would report the income for all businesses together, as one amount.

Tonse(Initiate)Initiate
3 Oct 2023

@CatherineATO

Thanks Catherine for your response. What are the steps i will need to follow to transfer the Business names which i have registered with ASIC as a Sole Trader to a P/L structure Trustee company for my Family Trust?

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