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The ABN is a number which is used to identify a business entity, ABN is a critial part of the GST system.
You need to cancel the ABN if you are no longer carrying on an enterprise in Australia
Your ABN can not be transferred to your family trust. Rather, the trustee of your family trust shall be registered and issued with an ABN in its capacity as trustee because the Commissioner does not accept that a trust in its own right can be registered on the Australian Business Register.
The legal name of the entity will usually be identified on the Register as "the trustee for XXX Family Trust".
Entities carrying on an enterprise must register for GST if their GST turnover meets the registration turnover threshold (currently 75K), this turnover include wither current GST turnover or projected GST turnover. If the GST turnover is below the threshold, that entity does not have to register but it does have the option of registering if it so desires.
In cases where a small business is not required to be registered, the advantage for it in remaining unregistered are:
1. Not required to charge GST on supplies
2. Lower selling prices
3. Greater margin
4. Compliance reductions
5. ATO audit risks will be reduced
The disadvantages for a small business that choose not to register for GST:
1. no input tax credits - the small business cannot claim GST credits it has been charged on the acquisitions.
2. higher cost base
3. loss of business customer
4. monitoring GST turnovers - unregistered small business is required to check its turnover every month
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