Home – New Forums Money matters New bank account needed when incorporating?

  • This topic is empty.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #967266
    10001
    Member
    • Total posts: 8
    Up
    0
    ::

    If a partnership with 3 partners incorporates, do we need to close the bank account and open a new one (given that the ABN changes upon incorporation)? The partners in the partnership will be the directors/owners of the corporation.

    Likewise, does tax get filed as the partnership for the point up to the incorporation date in the current financial year, and then again as the corporation for the remainder of the financial year?

    #1025031
    Felicity_Sapphire
    Member
    • Total posts: 45
    Up
    0
    ::

    Hi,

    I’m not in banking, but based on my experience, yes, you will need to open a new bank account in the Company name.

    With regards to the tax return, what you have stated is correct. You will also need to take into consideration the accounting & tax treatment of winding up the partnership and transferring assets across to the company.

Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.