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?
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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.