Hi I am thinking of changing my business structure from sole trader to pty ltd. I have an existing pty ltd which was set up not long ago for one of my biz idea; however i have now decided not to go ahead and hence the pty ltd (GST registered) is dormant. Should I change the company name of the existing pty ltd or set up a new one? In terms of the cost, it is definitely cheaper to set up a new company. New company: $426 registration fee and $35 closure fee = $461 Existing company: $212 renewal fee, $351 change of company name fee = $563. Will I be penalised for claiming GST input tax and closing a company in less than a year? Thanks!