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From Sole Trader to Full Time

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Newbie

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Hello

 

Would love your help. I am a sole trader and I've just taken a full-time job. Does anyone know what do I need to do if I am no longer a sole trader? Do I need to cancel my Business Registration or ABN? Can I leave everything as is.

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Most helpful response

Taxicorn

Replies 1

@vincent32 

 

You need to cancel GST registration or they will expect a BAS Statement Quaterly (even with $0 income).

 

https://www.ato.gov.au/Business/GST/If-your-business-changes-or-ceases/Cancelling-your-GST-registrat...

 

You should back date it to the last day that you operated the Buiness.

 

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Taxicorn

Replies 3

@vincent32 

 

You can keep your ABN if you beleive that you will need it in the future, if you cancel it and re-apply you will getthe same ABN.

 

What do you mean by "Business Registration"?......Business name....?

If so then Yes as you will get charged to renew it.

 

Newbie

Replies 2

Thanks so much for your response! By business registration I meant the one where I register to pay GST. I registered for GST earlier this year on the Business Portal and have to pay GST quarterly. They send out a BAS statement every 3 months. So not sure what to do about that bit 

Most helpful response

Taxicorn

Replies 1

@vincent32 

 

You need to cancel GST registration or they will expect a BAS Statement Quaterly (even with $0 income).

 

https://www.ato.gov.au/Business/GST/If-your-business-changes-or-ceases/Cancelling-your-GST-registrat...

 

You should back date it to the last day that you operated the Buiness.

 

Newbie

Replies 0

Thanks a billion! I couldn't find any info until you pointed out. Thanks.