Are you planning to start a business? Once you’ve decided on the nature and identity of your business, it’s time to give it its unique identifier. Aside from the name of your company, an Australian Business Number (ABN) will make it easier to distinguish it.
Note that companies or trusts without ABNs will not be able to register their businesses. The ABN was made into law through A New Tax System (Australian Business Number) Act of 1999, and was put in force in 2000.
Once you have an ABN, your business can start taking orders and processing invoices. Your will have an easier time building trust with prospective customers, as an ABN will both legally and socially affirm your business.
Once your ABN application is successful, some information about your business will be made visible to the public, such as: the status of your ABN, the business’s registered and legal names, business type, state, and postcode. This will make it much easier for people to contact your business for potential partnerships and other opportunities. The effectivity dates for any tax concessions or deductible gift recipient (DGR) status associated to your business will also be displayed.
Sensitive information such as your phone number, workforce records, home address, or tax file number will not be made available to the public. This is in the interest of privacy and safety.
Not only is it very easy to apply for an ABN; it also comes free of charge. To apply for your ABR, head over to the Australian Business Register’s (ABR) website. You will find instructions on applying. It can take up to 28 days to secure your number, but usually, it will be given to you right after application.