An Australian business number (ABN) is a 11 digit number that identifies your business. Your ABN is allocated by the Australian Taxation Office and you are required to provide your ABN on invoices and other documents you issue to customers/clients. Further, ABN’s are required for commercial activities such as registering a business name, registering an Australian domain, or obtaining a trademark.
Determining your business type and structure before applying is crucial before applying for an ABN due to legal and tax implications/responsibilities. Types of business structures include:
Sole Trader: an individual trading on their own (might also be referred to as a ‘freelancer’)
Partnership: a group or association of people running a business together, distributing income or losses between themselves
Company: a legal entity run by its directors and owned by shareholders
Trust: an entity that holds property or income for the benefit of others.
More information about business structures can be found HERE.
Before registering make sure you have identified your business structure, proof of identity and have all your details of of your business activities ready. You can apply for your ABN HERE.
Click HERE for more information.