An abn is an Australian Business Number. This eleven digit number is in many cases necessary for business owners because it helps people to access tax credits and fuel credits. It also provides an easy and automatic way to unite invoicing information. All in all, it’s easy to obtain and it’s worth it!
Individuals who are running a business, have recently acquired a property investment, or in some cases even apprentices, are all eligible for an ABN. If you’re wondering if you qualify, take a look at the information you need to provide to get an idea. Chances are, if you’re thinking of it, you’re eligible!
So what’s so different between the government application and our application? We join the entire application into a single form for you, we help you process your application quickly (whether you have one or multiple registrations to be made), and we offer the support of chartered accountants and customer service agents throughout the process. The government will offer a seven plus page form, no support, and a huge degree of hassle if you even think of multiple registrations.
Our form unites all the information you need to provide in one place. You’ll be asked things like your legal name, your tax number, and questions about your business.
Typical ABN registration actually only takes a few minutes. This leaves some people wondering how long it takes to receive the ABN, and we’re happy to say that for most of our clients delivery happens within the hour! In the unlikely event of a delay in your application, you can rely on our agents to continuously provide any information that we have.
Registering a business name can take up to two days. This can be done through our site, but be aware it will be a few days before you get the business name processed, and thus a few days before the ABN can be processed.
One of the benefits of registering for an ABN is your access to the GST credits. If you are a taxi driver, or if your business produces more than $75,000 a year, you must be registered for GST.
The general rule is one business number per business name/trader. If you want to have more than one ABN, you need to register multiple companies. Thus each company would have its own ABN. If you don’t register multiple companies, you will be using the same ABN for each company.
Typically applying for a new ABN is unnecessary, as you can reactivate previous ABNs. The government will prefer this to a new registration. Please be aware that it can result in minor delays of your ABN registration process, as the government will likely be reviewing previous use of the number before it reactivates.
There are three circumstances that will result in ABN replacement: Lack of embedding in code: If the ABN you have does not have an ACN/ARBN embedded, a replacement ABN will likely be issued. Issues with the ACN or ARBN: If an incorrect number was used to embed in an ABN, a new ABN may be issued. Exceptional circumstances: In certain cases, cultural or religious reasons can come into play in requiring a new ABN.
ABN registration can be completed as an individual, a partnership, or a corporation. Only those looking to pursue corporate registration will require an Australian Corporation Act.
All Australian Business Number details can be found on www.abr.business.gov.au
You can search registered business names using the ASICconnect website. This website will help determine whether a name is already in use or not.