Hiya Terry,
What are the costs if an ABN is registered & zero trading occurs in say 3 years?
Are they about $ 200 pa ( rego fees ? ) & is there extra fees ? ie accountancy, company tax ?
Michael
just beMichael
Absolutly nothing. No accounting is needed unless you trade. No Bas statements unless you register for the GST.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You need to be a little careful if you apply for an ABN and then no trading occurs for three years.
The tax office will wonder why you applied for an ABN? As to apply for an ABN you must be running an enterprise/business.
The ATO audit review team may pick up, and consider visiting you to check you out which could be time consuming and costly if they pick up anything untoward up.
I’m not too sure with the $200 rego fee you are talking about a company filing fee with the ASIC, where you would be $200 regardless of whether you were trading or not.
IMO, I would not apply for an ABN unless you are trading. Note that investing in residental properties does not fall under a taxable supply meaning that an ABN would not be necessary.
What happens if you trade for a few years then stop trading, can you stop the BAS statements?
Very interesting,
My accountant seems to be under the impression that costs of $200 every year would be in order !
Even if no trade is occuring [?][?][?]Crashy also raise a good point :
What happens if you trade for a few years then stop trading, can you stop the BAS statements?
Michael
just beIt’s really easy to lodge a null BAS statement
with the ATO, you can do it over the phone.andy
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