A business has changed from operating as sole trader to a Family Trust, registered for GST and PAYG. They have changed the ABN to the new one but the STP has still been reported as under the sole trader. Does a new quickbooks file need to be started? Or can we do a negative payroll transaction for the sole trader, then change the software ID to be linked to the Family Trust and enter the payroll again?
The business has not changed in operation since becoming a Family Trust
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You may need to create a new QuickBooks file and enable STP with the correct ABN. Doing so, you'll be able to lodge your STP and if BAS e-lodgement is enabled it'll be reported to ATO using the correct ABN. For audit purposes, it is not advisable to delete it especially if you have a new ABN.
Also, you may check with your accountant as well if lodging an earnings reset event is suitable on your case. For your reference, you can check on this article: How to Lodge an STP reset event to fix incorrectly reported business or employee settings.
Feel free to leave a comment below if you need further assistance. Have a great day!
Yes, it is possible. However, it is ideal to create a new account to avoid any mess up on your reporting. If you prefer to create a new file and reporting would be under Family Trust, you need a earnings reset event on sole trader and enter opening balance on the new file. Or you can leave it as it is and just copy the BMS ID from old file to new file for continuous reporting on STP.
For more detailed information, you can check on this article: Transition options available with STP reporting.
Let me know if you have any other questions. Have a great day!