ATO – Compliance
Over the last couple of months, we have been receiving phone calls and emails regarding new ATO laws/rules that has come into the affect on the 1st November,2018 . This is in regards to schools not been able to buy off people who run their organisation under a ‘Trading Name’. If a creditor has not met the set criteria set out by the ATO, them schools will not be able to claim the GST and schools may potentially have to withhold 47% of the total invoice amount from the creditor.
Extract from ABR website – Trading names are being retired;
‘From November 2018, ABN Lookup will cease displaying all trading names and only display registered business names. If you wish to operate under a different name to your legal/entity name, you will need to register your business name with the Australian Securities and Investment Commission.’
Without a doubt, the new ATO laws/rules DON’T IMPACT any school, within Australia, buying off our organization. Importantly, Schoolfurn has a registered business name with the ATO, but is run as a division of ‘Office Furniture Group Pty Ltd’, with ABN ’57 057 472 330’.
If you have any questions regarding this issue, please feel free to contact us.
The Schoolfurn Team