Did you know you have a legal obligation to keep your Australian Business Number (ABN) details up-to-date on the Australian Business Register by notifying of any changes within 28 days?
Whats is a Australian Business Number (ABN)
The ABN is a unique 11 digit identifying number that businesses use when dealing with other businesses. For example, you generally need to put your ABN on your invoices, or other documents relating to sales.
If you don’t, other businesses may withhold 46.5% from any payment to you for tax purposes.
You also need an ABN in certain dealings with the Australian Taxation Office (ATO) and other areas of government.
Registering for an ABN is not compulsory, but you will need one to register for the GST. Your ABN allows you to:
- facilitate a single Business Activity Statement
- confirm your business identity to others when ordering and invoicing
- avoid PAYG tax on payments you receive
- claim GST credits
- claim energy grants credits
- purchase an Australian domain name for a website
National Business Name Registration
- Your existing business name registration will automatically be transferred over into the new system.
- If you have multiple different business names, or also have a registered company, you will be able to align the renewal dates for those registrations.
- ASIC will continue to manage and administer company registrations throughout Australia.
- Once the system has commenced, ASIC will notify you regard renewal of your Business name.
- Contact us for further details
Should you require more information regarding ABN or Business name registration, please feel free to contact the team at South East Access for personal advice.
