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cake123(Newbie)Newbie
3 Feb 2024

Hi,

I opened a ABN when I was like extremely young in high school. The business completely failed and I wasn't anywhere near close to the tax free threshold or whatever it is.

But i probably did make a few sales maybe one or two, can't remember clearly. I definitely can't remember how much I spent or earned. It was like 2-3 years ago and I really don't remember anything as it wasn't a good time. I only just found out I had tax returns and would guess its from that?


What do I do for the tax returns?

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309 views
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Most helpful reply

Taxduck(Taxicorn)Taxicorn
4 Feb 2024

If you have an active ABN then you are required to lodge a tax return. See link on lodging prior year tax returns. https://www.ato.gov.au/individuals-and-families/your-tax-return/how-to-lodge-your-tax-return/lodge-a-prior-year-tax-return

If your business ceased in the first year then you can indicate on the first tax return that it has ceased. If you don't have accurate income details make a reasoned estimate.

To cancel your ABN this link might help.

https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/registration-obligations-for-businesses/work-out-which-registrations-you-need/business-or-company-registrations

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Most helpful reply

Taxduck(Taxicorn)Taxicorn
4 Feb 2024

If you have an active ABN then you are required to lodge a tax return. See link on lodging prior year tax returns. https://www.ato.gov.au/individuals-and-families/your-tax-return/how-to-lodge-your-tax-return/lodge-a-prior-year-tax-return

If your business ceased in the first year then you can indicate on the first tax return that it has ceased. If you don't have accurate income details make a reasoned estimate.

To cancel your ABN this link might help.

https://www.ato.gov.au/businesses-and-organisations/starting-registering-or-closing-a-business/registration-obligations-for-businesses/work-out-which-registrations-you-need/business-or-company-registrations

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