Do You Need An ABN?Tanushree Mitra
An ABN, or Australian Business Number, is a must if you’re a sole trader or starting a new business. But how do you get an ABN? And, how much does an ABN application costs? Here’s everything you need to know.
What is an ABN?
An ABN is an Australian Business Number. It’s an 11-digit number that the government and community can use to identify your business – as an example, you can find this on a website of a small business you’re familiar with. Many businesses will include their ABN somewhere on their website’s home page. You’ll need an ABN if you’re running a business or other enterprise.
An ABN will enable you to get an Australian domain name. It also comes in handy for ordering and invoicing (so that your business can be identified), avoiding pay as you go tax (PAYG) on incoming payments, claiming goods and services tax credits, and claiming energy grants credits.
Not everyone is entitled to an ABN, so make sure you find out about your entitlement before you prepare to register one.
How to get an ABN number ?
We’re happy to report that the ABN application process is easy to follow. First, make sure you know what your business structure is, and have both your proof of identity and details of your business activities and associates ready. Next, visit the Australian Government’s Business Registration Service. Follow the prompts, and you’re good to go!
How much does an ABN cost?
Nothing! ABN registration is completely free. Again, make sure you head to the Australian Government’s Business Registration Service when you do so.
Click here for more information on ABN’s for invoicing and sole traders.