Everything About Registering ABN
ABN is the short term for Australian Business Number. It merely refers to the 11-digit number assigned to a business for identification by the people and the government. The Numbers are contained in the ABR (Australian Business Register) under the taxation office management. However, it is different from your tax file number. It is a combination of two checksum and any other nine numbers, unlike TFN.
ABN can be assigned to individuals, corporate bodies, partnership businesses, incorporated institutions, trust or pension fund. When given, it is valid for business transactions and tax services. The significant functions it serves are:
Also, an ABN is not assigned for all reasons. The assigning body may refuse you a number when you are found unentitled or for other reasons to be explained by the tax officials. Usually, a person must show that he carries on a business within Australia or outside Australia but associated with the country. Such companies must also be registered under the provisions of the Corporations Act of 2001. You may also find more about your eligibility on the ABN website.
The most exciting part of registering an ABN is that the process is entirely free. You can start by applying when you have a definite business structure (It may be a sole proprietorship; partnership; or corporation among others); proof of identity; and a file containing your business activities and details of your partners. Click below to apply.
The process of applying would be short as long as you have all the necessary information required of you and ASIC will notify the period for which you are to wait. Through ATO (Australian Taxation Office), the government would usually evaluate your application and respond within twenty working days.
Yes, you can. ACN refers to Australian Company Number, and you can combine the application with ABN through Business Registration Service.
If you are cancelling your application for any reason, such as the closure of Business or change, you must fulfil all obligations towards the government. You can only cancel or make changes through myGovID already linked to your ABN.
This process is not impossible. Although a registered business name is required to apply for an ABN, you can merge the two methods through the Business Registration Service. The Business Registration Service is responsible for registering a business name; hence it is impossible to go through them.
We have provided information on the registration of the business name to answer all your questions. Click here to read.
ABN has a website that provides details on the whole process. You can keep up with your ABN profile on the website and reach a range of contacts.