AustraliaWhy and How to Obtain Australian Business Number

• The Australian Business Number (ABN) is a distinctive 11-digit identifier crucial for businesses operating in Australia, serving various tax and business-related purposes. Administered by the Australian Taxation Office (ATO) through the Australian Business Register (ABR), the ABN system was established in July 2000 as part of the government’s tax reform initiative, coinciding with the introduction of the goods and services tax (GST). With over 2.5 million actively trading businesses the ABN marked a significant stride in simplifying Australia’s taxation and business regulatory framework.  

• Prior to its implementation, businesses grappled with a convoluted system of multiple identification numbers across various government departments and agencies. The ABN’s introduction aimed to streamline these processes, providing businesses with a unified identifier for government interactions. From registering for the GST to lodging income tax returns, the ABN streamlines business operations and enhances efficiency, simplifying the process to register a company in Australia. 

Why a business require Australian Business Number (ABN)? 

• For businesses in Australia, obtaining an Australian Business Number (ABN) holds considerable advantages, regardless of their size or operational scale. Securing an ABN not only enhances the professional image of your business but also grants access to various benefits while simplifying tax reporting obligations.  

• Essential for GST registration, deducting business expenses from income tax, and acquiring a “.au” domain name, an ABN is indispensable for accessing these privileges. Tetra Consultants, offering offshore company incorporation services, facilitate the process, ensuring businesses meet ABN requirements seamlessly. Whether operating as sole traderships, partnerships, ASIC companies, or providing specific services like taxi driving, having an ABN streamlines business operations and compliance with Australian regulations. 

Steps to obtain Australian Business Number 

Step 1: Check your eligibility 

• Tetra Consultants kickstart the process by ensuring your eligibility for an ABN. Utilizing resources from the Australian Business Register’s website, we provide thorough guidance to ascertain your eligibility, avoiding unnecessary applications and potential legal complications.  

• It is crucial to verify eligibility to prevent inadvertent legal actions, such as applying for an ABN or GST registration when not meeting requirements. Typically, an ABN is necessary if engaging in business activities, expecting an annual turnover exceeding AU$ 75,000 (before GST), seeking registration for a “.au” domain name, or receiving payments from businesses mandating an ABN. 

Step 2: Gather necessary information 

• After determining your eligibility, the next step is to gather the necessary documents and details required for the ABN application process. This includes personal information such as your full name, date of birth, residential address, and contact details. Additionally, business details such as your legal business name, structure (sole trader, partnership, company), commencement date, business activities, and estimated annual turnover are essential. 

• Depending on your business structure, Tetra Consultants help in providing information such as partners in a partnership or directors in a company. It is imperative to verify your specific business structure’s requirements before commencing the application. Furthermore, Tetra Consultants will submit proof of identity, such as an Australian passport, driver’s license, birth certificate, or medicare card. 

Step 3: Complete the application 

• Once all the necessary information has been submitted, Tetra Consultants will apply for Australian Business Number with the ABN website. Throughout this step we will submit the application meticulously to avoid any potential delays or rejection.   

Step 4: Review application response 

• Upon successful application, Tetra Consultants ensure prompt receipt of your 11-digit ABN and confirmation document, which should be promptly printed or saved for future reference. In the event of manual review, we diligently monitor your application status over the ensuing weeks, regularly checking email correspondence, including spam folders, and the ABR website.  

Conclusion 

• Tetra Consultants serve as your trusted partner in obtaining and navigating the complexities of the Australian Business Number (ABN) application process. With our expertise and guidance, you can ensure compliance with Australian tax regulations while maximizing the benefits of holding an ABN. Beyond ABN registration, we offer a comprehensive suite of business registration services, including nominee director and shareholder services, legal drafting services, corporate bank account opening, and more. Trust Tetra Consultants to streamline your business operations and empower you to achieve success in the Australian market. 

• Contact us to know more about Australian Business Number and our team will revert back in 24 hours.