Hi there,
If I restructure my business from trading trust to company, can I retain the same ABN? Or I should get a new ABN for the new company?
Thanks,
Polly
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Hi @Pollykeung,
An ABN is like a tax file number - it is specific to that entity, and cannot be transferred when changing entity types.
When you establish the company, you will need to obtain a new ABN for the company.
The assets of the trust will likely need to be transferred to the company, too You can utilise the small business restructure for this to help reduce the tax that would normally otherwise be incurred.
You can read about changing your business structure on the ABR and the small business restructure rollover on our website.
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Hi @Pollykeung,
An ABN is like a tax file number - it is specific to that entity, and cannot be transferred when changing entity types.
When you establish the company, you will need to obtain a new ABN for the company.
The assets of the trust will likely need to be transferred to the company, too You can utilise the small business restructure for this to help reduce the tax that would normally otherwise be incurred.
You can read about changing your business structure on the ABR and the small business restructure rollover on our website.
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