Hi there, I hope someone can give me a solution for that: I already have a GST registered business as a soletrader and am using MYOB for the accounting and BAS lodgement. So far so good. But I just launched a second business, same business structure, so same ABN. But MYOB asks me to open up a new account for that one which would now split my BAS in two pretty much as I cannot lodge these together with them then. Would that be ok that way? I know ideally it’s meant to be combined. So if I cannot send these through via the MYOB software anymore, how does it work? How can I combine these two then? MYOB couldn’t give me any solution for that and forwarded me to you. Many thanks for the assistance with that!
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Hiya @susann2412,
If you're operating multiple businesses under a single ABN, you would combine the income and deductions from all your businesses when lodging your Business Activity Statement (BAS) and tax return.
If you'd like to report these business expenses on separate BAS', you could consider GST branching. This allows you to create separate GST branches under the same ABN, enabling you to lodge separate BAS statements for each branch.
Here's GST branching it works:
- each branch is assigned a unique GST Branch Number (e.g., 001, 002)
- you report and lodge BAS separately for each branch while still operating under the same ABN.
This setup may simplify your accounting if you prefer to keep the businesses distinct.
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