SapphireSteel
Well-Known Member
- Joined
- Jun 13, 2012
- Messages
- 6,788
- Reaction score
- 113
Thanks Strangeworld … I was just posting this on same topic!
For others who may not understand the ACN/ABN talk … here’s a simplistic interpretation …
ACN would be to separate Morgan’s business interests from his private interests, with regard to Huxley Marine. If Huxley Marine got into financial trouble, they wouldn’t take his private assets to pay Huxley Marine’s debts.
Two ABNs – One as a sole trader under Skip Afloat trading as Huxley Marine, not registered for GST (so current earnings under $75,000 p/a).
The other as a sole trader not registered for GST (again, earnings under $75,000 p/a) and could be for the work he did for other marine companies, or some other type of work (as a contractor, not an employee).
http://abr.business.gov.au/SearchByName.aspx?SearchText=morgan+huxley
Not a wealthy man .. one who was plodding steadily along. He could have slipped the odd cash job through IMO, as long as he put enough through the books to satisfy the ATO that he earned/had sufficient money to live whatever lifestyle he lived (if they audited him).
We have no way of knowing this.
All we know is 2 ABNs are not registered for GST, in his name.
You can call yourself absolutely anything when you register for an ABN. He could easily have had his own business registered as something entirely different, under something more professional, or even a family trust type arrangement.
We cannot say he has no other ABNs, these things are often unclear. He could have several.