Home – New Forums Other discussions Changing PTY LTD co. to sole trader Reply To: Changing PTY LTD co. to sole trader

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Bizinfopls, post: 197292 wrote:
I’ve read the other link about changing from one Pty Ltd to a new company but my question is different:
I have operated as a Pty Ltd company since inception 11 years ago. However, besides all the protocol and extra expense (fees, separate tax returns, etc) I haven’t seen any benefit in operating as this and am considering changing to operate as a sole trader – using the same business name. How do I go about changing? Do I need to let ASIC know – I’ve already paid my annual registration fee? And are there any pitfalls? Advice would be appreciated!

When I did this I had a long talk with my trusty (not rusty) accountant, and he offered to do all the work.
I think it was the best thing I ever did as far as my business was concerned.
You will probable get a refund from ASIC.