Home – New Forums Starting your journey Change from PTY to sole trader…

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  • #991018
    Andypoo
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    Hi all, just a quick one – My small business has really slowed down and I am having to lay off staff and go back to just me only, it would be best to go back to a sole trader in this case correct? I don’t really want to change ABN again though!

    I know you can only give general advice, thanks in advance.

    #1179587
    ThexArm
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    As you rightly said my advise is only general in nature… your accountant would know more about your personal circumstances to advise you better.

    If you want to continue to use your ABN number then you need to operate your company. Because ABN number is unique to ACN or TFN. If you want to wind up your pty ltd company then there are some obligations you need to go through before winding it up. Once you wound up your pty ltd business then you will need to apply for cancellation of your company ABN.

    Your question about whether you want to wind up your company to go back to operate your business by yourself, you don’t need to wind up your company to do that. You can be a sole director in your pty ltd company to operate it by yourself. But, it is not going to be sole trader structure. By operating it as a sole director you can continue to operate under same ABN.

    As you must be aware that you will have certain yearly obligations as part of running a pty ltd business.

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