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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.

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The Financial Collective

Wealth Effect Group is an Authorised Representative of Boston  Reed Ltd ABN 89 091 004 885, AFSL 225738

“Andre Dirckze (AR 395157) and Beth Lavelle (AR 1238693) and Deborah French (AR 1271304) and Wealth Effect Group (CAR 424768) are authorized representatives of Boston Reed AFSL 225738 ABN 89 091 004 885”

As part of our continuing commitment to client service, the maintenance of client confidentiality and as required by law, Boston Reed  Limited complies with the Privacy Act 1988.

 

Wealth Effect Pty Ltd ATF Wealth Effect Unit Trust. ABN: 78 766 858 328  trading as WE Mortgage Solutions as an Authorised Credit Representative of BLSSA Pty Ltd Australian Credit Licence Number 391237,  Authorised Credit Representative :480612.

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