Hi, My organisation changed from Incorporation to Limited, but the bookkeeper before me kept using the same ABN number, though a different ABN was available. The IAS, BAS has been lodged with old ABN as well. Wondering what are the consequences? and if there are some, how can I do this. I have start using the correct ABN from onwards.

Hi Satish,

Easiest thing to do is to lodge amended GST returns for the old entity and tell the ATO that they were $Nil from the date you ceased trading in that entity, and lodge GST returns relating to the new entity with the correct financial information included.

It's important to match the income included in the income tax return with the correct ABN.

Another issue you should consider if your business has a value was there a capital gains tax event when you ceased trading and commenced trading in a new entity?

It would appear as though you would have capital gains tax rollover relief available to you, however you would need to be aware and take the necessary steps to ensure you achieved an affective capital gains tax rollover.

Kind regards and good luck with your business,

David