Cancellation of Trust ABNs to Begin
Are your tax returns up to date? If not, you need to act quickly. The Australian Business Register (ABR) will begin cancelling the ABNs of approximately 220,000 Trusts in February 2016, where there is evidence they are no longer carrying on an enterprise. In some cases this will not be an issue as the Trust is inactive and the Trustee has failed to cancel the ABN. However this can also occur if you are behind in lodging the Trust’s tax returns as the ABR presumes from this that the Trust is inactive. If you are concerned this will affect you, please do not hesitate to contact Addition Accounting today.
Don’t forget failing to lodge your tax returns on time will also incur fines, penalties and interest with the ATO.