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Australian Business Number(ABN)
An ABN is a unique 11 digit number assigned to businesses by the Australian Business Register (ABR). It is used for:
- correspondence with the tax office
- dealing with government agencies
- transactions with other businesses
- confirming details for ordering and invoicing with other businesses
- claiming goods and services tax (GST) credits
- claiming any fuel tax credits you qualify for
Failure to quote an ABN can result in as much as 46% being withheld from payments from other companies so it's very risky not to have one.
If an organisation does not provide an ABN when partaking in a transaction with another organisation this may result in payment for goods being withheld. Please note there is a $275 charge on ABN number applications.
An ABN does not replace a TFN and will not cover all your dealings with the ATO. For example, you will still need to quote your TFN when lodging your income tax returns.
Applying for an ABN does not replace your registration requirements with other agencies – for example, registering your business name.
To apply for an ABN as an individual/sole trader you must have an individual TFN. If you wish to apply for an ABN as an other entity type (e.g. partnership, company) you can apply for a TFN at the same time as you apply for an ABN.
Taxback.com can organise both your TFN and ABN number for you. The combined fee for a paper file TFN and ABN is $440. Apply here for a TFN and ABN.
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