What is tax planning? Essentially, tax planning is something you do to put your business into the best possible tax position. After all, nobody... Read more
You need an Australian Business Number (ABN) if you are planning to or are currently carrying out business for the purpose of gaining profit. You are required by law to register with the Australian Tax Office (ATO).
An ABN enables the ATO to keep track of all companies trading in Australia. You need to have a registered and active ABN if you would like to register a business name, set up a bank account, apply for a government grant and/or invoice your suppliers.
An ABN is an 11 digit unique number allocated to a business which is earning income. Most trading entities such as sole traders, partnerships, companies and trusts are eligible to register for an ABN.
To register a domain name ending in .com.au having an ABN or ACN is a requirement. Only registered sole traders, businesses or companies are entitled to these domains.
Once an ABN is issued to an entity it will always remain the same. Although an ABN should be deactivated if the entity ceases to trade, it can always be reactivated in future.
Registering for an ABN is not hard at all and only takes a few moments of your time. All that is required is to answer a series of questions about your business and the individuals who are responsible for the business.
Once completing this, the ATO will send you out a confirmation via the post with your 11 digit ABN, this can take up to 28 days.
Please contact Altitude Advisory for more information.
Rodney Quinn, Quinn Transport
Phillip Cross, Royce Cross Agencies