Trading Names Are Being Retired on the Australian Business Register. What Does This Mean For You?
The Australian Taxation Office is making changes to its register of ABN information. From the 1st of November 2018, ALL Trading Names will be removed from the Australian Business Register.
From this date, every supplier will have to register their trading name/s as business names with ASIC and meet ALL compliance as set out by the ATO.
If a supplier has not met the criteria set out by the ATO, then we will not be able to claim GST and potentially may have to withhold 47% of the total invoice amount from a supplier.
How does this affect you?
If your company currently uses a trading name, please ensure that you either register that name as a business name via ASIC or use the ABN entity name on tax invoices. This will help to ensure that there is minimal delay in processing times or further communication.
For more information, please click on the following link: https://abr.gov.au/Media-centre/Featured-news/Business,-Super-funds-and-charities/Trading-names-in-the-ABR/ or visit www.btna.com.au and contact us to chat with one of our friendly Accountants.