Australian Business Number (ABN)

In Australia it is compulsory to register your business with the Australian Business Registration Authority (www.abr.gov.au ) if you are carrying on business and do not fall below the threshold criteria - whether sole trader, partnership, company, or trust.

Self managed superannuation funds are also required to register for an ABN for ATO purposes.

The Australian Business Number (ABN) is an Australian Taxation Number of eleven digits and is allocated by registration through the ATO online portal established to monitor all operating businesses.

If your business does not meet the threshold criteria then it is not compulsory to register, however a number of agencies, financial institutions and industry groups, including small business operators, will not enter into business dealings with you unless you have registered and obtained an ABN.

The registration is also the mechanism in which your business facilitates the following:

• helps you claim goods and services tax (GST) credits
• lets you claim fuel tax credits you qualify for
• if not quoted to businesses that you deal with, amounts may be withheld from payments to you under pay as you go (PAYG) withholding, and
• allows Businesses to easily confirm your details for ordering and invoice purposes