Biz Articles
ABN Application
Author: Youth 2 Youth
Your ABN or Australian Business Number is unique to your business. You must have one to be conducting business in Australia. You will use it any time that you deal with the ATO ( Australian Taxation Office ), and you need to ensure that it is displayed on any invoice that you hand out so that other businesses do not withhold money ( tax ) from you at the top marginal rate. So any time that you supply goods or services to other businesses you need to supply your ABN and they need to supply theirs.
To apply for one go to www.abr.gov.au and then click on "Apply for ABN". A major upgrade of the Australian Business Register system has taken place so that when you apply for an ABN online you will receive your ABN straight away. Previously you had to wait for it to be mailed to you.
Information to have ready before you start the application process:
- Your business bank account details. Account Name, Account Number, BSB Number.
- The owner/s Tax File Number.
- The owner/s personal bank account details. Account Name, Account Number, BSB Number.
- The owner/s date of birth and middle name/s.
- What type of organization you are setting up. Sole Trader - Partnership
- Company etc If you are setting up as a company you will need to apply for an ACN (from Australian Security and Investment Commission: www.asic.gov.au ), which you will do when you are registering the company.
- Your accountant's name and contact details.
- The start day of the business.
- Whether you employ any staff.
- What the main industry that you belong to is.
- Whether you want to register for GST or not.
- What accounting method/system you will be running on. (Cash or Accrual)
If you have this information at your fingertips it will mean you can do the application in one sitting.
There is a help function on the site if you get stuck otherwise an accountant is well placed to answer your questions. You can even ask your accountant to do the application on your behalf if you want.
Once you have your ABN you will be put on the Australian Business Register ( ABR ) which is available to the public. You can search this register for any business in Australia and view their business registration records.
TIP: Make life easy for yourself and have all of your important business numbers in an easy to reach location as you often require them. Your ABN, TFN, CAN, PAYE Number etc