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Re: Can I suspend our company for two years whilst I'm working overseas?

Newbie

Views 2089

Replies 3

Hi there,

New member here, so apologies if this has already been dealt with.

 

Here's my situation:

I am the sole director of a trustee company which operates as trustee for our family trust. We buy and sell things, manufacture small machines, import and export components and finished goods, and I also contract out my labour in business management/sales training when things are slow. Turnover is generally less than $3m.

I have been offered a lucrative contract overseas for 2 years duration, and I don't want to completely shut down the business as I intend to step straight back into it when I return, but I also don't want to have to keep doing the returns whilst I'm away. I am also seeking to remove any perceived conflict of interest by remaining a director of a company whilst in teh employ of another company. Our company name & brand has some (not huge) recognition and value amongst our customers, so I don't want to waste the work which has already gone into building up the business.

 

The question is whether I can 'suspend' the business registration, ABN etc for the duration whilst I'm away and re-start it on my return, or whether it's an either/or situation with nothing in between - either cancel all registrations/ABN/GST etc, or bite the bullet and keep it fully registered, pay the fees and lodge all returns as required.

Many thanks for your consideration.

Pete

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Community Support

Replies 0

Hi @Buddy

 

Welcome to our Community!

 

The status of your ABN can be either active or cancelled - there is no option to suspend an ABN. If you cancel your ABN as you're not carrying on a business, all your business roles and reporting obligations will cease. If however, you later recommence your business then you can apply to have the ABN and business roles reactivated. 

 

If you keep your ABN active but have no business activity, you can cancel your business roles (GST, PAYGW etc.) which will stop any BAS lodgment obligations. Again, down the track you can reactivate your business roles when required. 

 

You'll need to discuss your other business registrations and requirements directly with ASIC. 

 

If you have further questions about your ABN and business roles, you can phone us on 13 28 66 between 8am - 6pm, Monday to Friday to speak with an operator. 

 

Thanks, JodieH.  

3 REPLIES 3

Enthusiast

Replies 2

Have someone you know lodge NIL BAS if you want to avoid tax agent fees, it's free.

Deregistering just seems like even more hassle than what you're trying to avoid.

Then just have a tax agent lodge simple returns, even if you don't trade depreciation will still accrue and you'll have ASIC fees and maybe bank fees too.

Newbie

Replies 1

Thanks Nicholas,

That's pretty much where I arrived at after talking to the Accountants and looking on line. I had a sort of vague hope that there would be a mechanism somewhere which could put everything 'on hold' for some period of time.. Sounds like 'business as (nearly) usual', like you suggest.

Thanks for taking the time to respond, it is much appreciated.

Pete

Most helpful response

Community Support

Replies 0

Hi @Buddy

 

Welcome to our Community!

 

The status of your ABN can be either active or cancelled - there is no option to suspend an ABN. If you cancel your ABN as you're not carrying on a business, all your business roles and reporting obligations will cease. If however, you later recommence your business then you can apply to have the ABN and business roles reactivated. 

 

If you keep your ABN active but have no business activity, you can cancel your business roles (GST, PAYGW etc.) which will stop any BAS lodgment obligations. Again, down the track you can reactivate your business roles when required. 

 

You'll need to discuss your other business registrations and requirements directly with ASIC. 

 

If you have further questions about your ABN and business roles, you can phone us on 13 28 66 between 8am - 6pm, Monday to Friday to speak with an operator. 

 

Thanks, JodieH.