Hello trusted financial advisors,
I have an ABN and a business name that's associated with an online business which I depend on for income. I plan to trying out another business for e.g. repairing vehicles. In this case, do I need to create another business name? Or as long as the income is declared via one ABN it's fine?
E.g.
1 ABN = Online business (has business name) + Tradie (no business name)
So basically, my question is do I need to have a business name for each business I run or can I have multiple business but file all income under one ABN?
Thank you in advance for all your answers.
You only have 1 ABN.
You can use the same business name ABC Cleaners for your online business and any other businesses you have.
If you don't want to register another business name, you can simply use your name on the invoice. i.e each business does not need a business name.
When you do your tax return you will have to enter each business separately and calculate a profit and loss for each business.
The losses from one business do not automatically offset profits from another (there are heaps of rules which your accountant can go through)
Cheers :)