An Australian Business Number (ABN) is a unique, 11 digit identifier for your business.
You need an ABN to be able to work as a business in Australia, including if you want to work as a sole trader.
You need to quote an ABN on your tax invoices or other documents relating to sales you make to other businesses and customers. If you don’t quote an ABN when you supply goods or services to another business, they may have to withhold tax from their payment to you at the rate of 47%.
You can easily apply for an ABN online through the Australian Business Register (ABR) at abr.gov.au. This process is free, but before you apply you’ll need to know which business structure you’re using. If you provide all the required information when you apply online and you are entitled, you’ll get your ABN immediately. In some situations, for instance if the ATO needs to verify information you have provided, the ABN may take up to 28 days to be issued. You can also apply for an ABN through your registered tax professional.
Once you have your ABN, it’s important to keep your details up-to-date and inform the ABR of any changes within 28 days. This will ensure that you meet your obligations as an ABN holder and that relevant government agencies can contact you.
Once you’ve registered for your ABN, there are other registrations you’ll need to consider for your business.
There are other registrations that you might need depending on your business activities, such as wine equalization tax and luxury car tax. You can also update your registrations if your business circumstances change.
Do you speak another language and still wish to access online information at your business obligations?
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Amanda Hoffmann is a registered Tax Practitioner / BAS Agent No.18613005, Associate of Finance, Xero, Myob & Quickbooks Proadvisor / Trainer and a Consultant for the Australian Taxation Office.
She says she is more than just a bookkeeper with experience in real estate investing, social media, podcasting, blogging and recently recording monthly youtube episodes
Amanda loves to teach smart, easy online cloud solutions and fix messy bookkeeping. Follow her on social media and say “Hi”
BAS Agent and Bookkeeping