Hi all
My ex wife an I have run our 2 x businesses through a Family Partnership for many years now. We have recently separated. She has an admin related business with no employees currently. I have a video production related business with no employees currently. We both on occasion hire contractors on a per project basic but that is all. We will keep the Family Partnership active for some legacy things for this current financial year, however I will now operate as a Sole Trader, and she will now operate as a Company. Our Family Partnership is registered for GST and we both individually turnover more that $100K per annum.
I am trying to understand what registrations I need to make / change, plus some trickier "transfers" I need to make. I'll list below for ease:
- Register as Sole Trader - I understand I need to register as a Sole Trader. Will this be attached to my personal TFN. When I register as a Sole Trader, can I enter my personal TFN and it will be attached?
- Re-Register for GST as Sole Trader - I will need to register for GST. Once I've my Sole Trader details activated, can I then register for GST?
- Transferring Current Business Name that is linked to Family Partnership to new Sole Trader activation - How can / do I apply my current business name (not my personal name) to my Sole Trader status, AND can I also leave it attached to my Family Partnership status also just for this current financial year?
- Am I missing anything else?
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