Why your ABN is so important

An Australian Business Number (ABN) is needed to do business in Australia. When starting a business, you must register for one.

When you then raise invoices, you must quote an ABN on the invoice.

These are two fundamentals and without an ABN you cannot be in business.

It is illegal to trade in Australia without an ABN. Should you do business with anyone without an ABN you are required to deduct 48% of the payment and remit it to the Australian Taxation Office (ATO).

At TaxAssist Accountants we are only too happy to:

• Apply to get you an ABN
• Advise you on how to handle suppliers who have no ABN
• Assist you in surrendering an ABN

That is why we are called the ‘Small Business Champions’.

For more information, contact one of our accountants along the East Coast.

Date published 8 May 2017

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.