Home – New Forums Money matters GST registered but no business activity during financial year..?

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  • #975447
    tndfloor
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    Hi guys, just have quick questions,

    I have 2 abn,[sole trader and family partnership]

    family partnership abn is pretty new, applied 2 months ago and no business activity was conducted under this abn.

    I was going to change the business type[sole trader to family partnership] but i want to stay as sole trader few more months.

    in this case, should i still lodge the BAS for family partnership??

    #1074487
    MyGreatIdea
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    If you are registered for GST you must submit a BAS, even if it’s a “nil” return.

    Wendy :)

    #1074488
    FletcherTax
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    If you are registered for GST in both entities, you need to lodge a BAS for both. If no activity in one, then a NIL BAS needs to be lodged by the due date provided on the pink sheet (if DIY-ing).

    #1074489
    Alan Maddick
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    Can i ask did you form the family partnership yourself or with the assistance of an Accountant? I don’t like family partnerships and if you are moving “up” from a sole trader i would encourage you to review your decision seeing as you have not made the move over to the partnership.

    Obviously i do not know anything about your personal or tax situation but i see very little place for partnerships in the modern business environment.

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