Business Summary

Australian Business Number – What is it and Is It Important to Get One?

Are you immigrating to Australia? Then you must know about the unique 11 digit number, also known as the Australian Business Number. This is an important number for immigrants, and hence, read this post to know everything about it.
The Australian Business number is an 11-digit number unique to every individual. With this unique number, it becomes easier for different government bodies and businesses to interact with each other.
The Australian Business Registrar or ABR issues this number to those who have applied and approved for an Australia Business Visa. It is a mandatory number for all those who wish to set up a business organization in Australia.Any individual who is employed to the business or who is using the resources to perform the business operation may not apply for ABN.
The supervisory task of ABN is performed by Australian Tax Office, ATO. This number is specific and unique to every individual in Australia and was first introduced in 2000 by Government of John Howard.

The significance of Australian Business Number (ABN)

There are distinct superannuation and tax regulations issued for Australian Business Number, like income declaration, registration for GST, contribution to a superannuation fund, and more.

For this reason, it is of utmost importance that every visa holder gets issued an ABN and update the number on a regular basis. Most of the government agencies require this number to offer community services, essential provisions, and infrastructure facilities depending on the demographics and region of your business. With this identification number, it is possible to connect your business to distinct government departments and agencies.

The details regarding ABN are stored in the Australian Business Register. When there is any change or update in ABN details, then you need to inform about the same to ABR in just 28 days of the change. Failing to this, the business number can get canceledas according to them you have stopped carrying the business operations.

The Procedure to Apply for ABN

You can apply for ABN through three distinct ways:
  1. With help of tax agents
  2. With a paper application form
  3. From the official website of Australian Business Registrar
If you apply for an Australian Business Number independently, then you don’t have to pay any fees. However, if you apply for the number through a tax agent then you need to pay the respective fees of that specialist.
Once you fill the form with complete and verifiable information then the application is immediately submitted online. But if there is lack of identification information and appropriate information then the process may take time to get completed. On an average, when everything is done accurately then it takes 20 working days to process ABN application manually. It is possible to check the application process status through the website.

Is Single ABN Applicable to Multiple Businesses?

If your business model involves establishing multiple business enterprises then you can use a single ABN to establish and operate multiple business ventures. However, if your business model involves working with distinct business structures then you have to apply for a unique ABN for each of the ventures.
Just remember, your ABN might get canceled when you change the business structure. For example, when you shift from being a partnership company toa sole trading entity or a trust, then the ABN can get canceled.

What All an ABN does?

The ABN number is allotted to those entities or businesses that are able to meet the guidelines and rules of ATO. Once you get this number allotted, then you can avail numerous benefits, such as:Conclusion
ABN is a number different from ACN or Australian Company Number and TFN or Tax File Number. ABN enables your business to connect with different communities and government bodies for purpose of administration. In some cases, it is possible to use ABN instead of TFN, but the vice versa is not allowed.
There are various guidelines related to ABN. If you want to know about this then you must reach out to ourbusiness migration specialists that can provide you all necessary support related to ABN.