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HarryLuke Logistics, post: 210522 wrote:
Hey Bert,

ok here is my take on it.

You (being sole trader) are the owner, you can have multiple registered business names with same ABN and report the aggregate totals as ONE SUBMITTAL as required for the ATO (dependant on how you set up your GST that is – quarterly or yearly).

Sounds like you need to separate the thought in your mind, let me explain.

You are creating 2 businesses, this i understand, and as such you personally wish to separate reporting and costings and claims etc etc and this is the part you need to be clear about as this is totally different to how the tax man sees this paradigm.

Meaning, the ATO sees this as just one business with multiple names.. Nothing else, and as such expects/requests all information to be submitted under the legal entity (You and your ABN) that owns the said business/es.

Re record keeping: You will need to have just one MYOB – although potentially just create different revenue and expense accounts, if you wish, to keep track of the accounts.. and to run separate reports etc… May get a little hard to split things to be completely functional due to it being one owner with one ABN, although for the most part the separation of information this way should serve your purpose.

So, as the legal entity behind the enterprise you can buy anything relevant to the business and park it, claim it, use it, or whatever even if it takes you a decade to use the domains you have bought them on reserve to benefit your business (or as its split business with one entity the entities benefit) and to potential preclude anyone else taking said name/domain etc as an ‘investment’.

Oh boy, this is too much for me.. i cant think any more.. signing off, sorry if message is incomplete and sure an ‘expert’ will contribute something relevant other than my preamble :p

Jason

LOL Jason,

you explained it exactly how I understood it, but I said it very badly. Thats why my posts are normally very short or I would confuse the heck out of everyone even more than i do already. And its not even Wednesday. LOL