Do I need to obtain a new ABN?
I’m not completely sure if this is the right forum for my question.
I’m considering venturing into film distribution, and I already have an ABN as a sole trader for my full-time job in the healthcare sector, which is unrelated to film.
Since I’m just getting started and will be the only one involved in the film distribution business, do I need to set up a new ABN for this venture, or is it possible to use my existing sole trader ABN?
Is an income of £80-90k sufficient for a comfortable lifestyle in Australia? My wife and I are both nurses in the UK, and we’re planning to emigrate soon. We have
Is the Giftly gift card legitimate and accepted in Adelaide? Hello everyone! I’m looking to buy a birthday gift for a couple and was considering getting them a gift card
Is University Still a Good Option? Hi everyone, I’m a 24-year-old woman considering a career change and planning to enroll in university once my citizenship is approved. I completed my
In Australia, whether you need a new ABN (Australian Business Number) for your film distribution business depends on a few factors:
Nature of the Business: If the film distribution activities are significantly different from your current business in healthcare, it may be advisable to register a new ABN. This could help with clarity in bookkeeping, tax purposes, and potential liability issues.
Structure: As a sole trader, you can technically operate multiple businesses under the same ABN. However, if you’re planning to grow the film distribution business or involve other partners in the future, you might consider setting up a separate entity (like a company) and obtaining a new ABN for it.
Business Reporting: Using a separate ABN for each business can simplify your financial reporting and make it easier to track the performance of each venture.
Advisory: It’s always a good idea to consult with an accountant or a business advisor, especially as you’re entering a new industry. They can provide specific guidance based on your circumstances and help ensure compliance with regulatory requirements.
In summary, you can use your current ABN as a sole trader for the film distribution business, but creating a new ABN may be beneficial for clarity and growth potential.