ATO makes changes to ABN details

To enable tax payers to provide a more holistic picture of their business activities, the ATO now allows the inclusion of up to four additional codes in addition to the main business activity currently stored.

An example provided by the ATO, illustrates how this might work.

Julie is the owner of a café which includes a bookstore and accommodation in the upstairs apartment. Julie also offers catering services for private functions. Previously Julie had her main business activities listed as Cafe operation (45110). Using the new feature Julie can accurately reflect her business activities by including:  

• Bed and breakfast operation (44000) 
• Book retailing (42442) 
• Catering services (45130) 

Why update your ABN?

It is your responsibility to maintain your ABN details and you must update your details within 28 days of becoming aware of changes.

It is important to ensure:

• The right people have the right permissions to act on behalf of your business
• Government agencies have up-to-date information
• You’re ready for new government services when they become available
• Your ABN accurately reflects the range of business activities you undertake

How to update your ABN details

You can either update the details yourself via the ABR online services. You need to Log in using  myGovID and Relationship Authorisation Manager (RAM) or contact the ATO.

Alternatively, ask your local TaxAssist Accountant to act as your tax professional, and we can update your details for you.

Contact us today for a free initial consultation.

Last updated: 10th January 2022