Any new business registration requires a abn number and without an abn number it cannot undertake any business transactions or trade of goods. The abn number is unique to every business entity and is based on their Australian company number, this abn number is a 11 digit number, where the first 9 digit are comprised of the Australian company number. This abn number requires to handling of tax matters with that of the Australian tax office regularly and it helps them to handle much easier when an abn number is available, without it the operation would become tough. In order to handle any business transaction in Australia or to take up the government tenders, an abn number is mandatory, though existing users might not have an abn number and it is required when they have plans of starting a new venture or other business dealings that are different form that of their original entity.
The Australian business register issues an abn number
Autralian business number is eligible for those who are domain owners, retailers, contract and sub contractors, business professionals, consultants, trade workers, sports and entertainment people. An abn registration is required to obtain the goods and service tax credits, and this cannot be obtained without an abn number. You needn’t apply for an GST if your expected trade income is less than $75,000 per year. An abn number can fetch you various benefits, like tax credits, fuel usage credits may get you most benefit as you can get refund of the fuel consumed my your vehicle in transportation, and companies that own large amount of vehicles that consume much fuel can also be refunded.
Full details of abn registration
In getting an abn , a form is required for registration, which includes details like Australian company name and the details in your business registration, when the details of Australian business registration is entered for the abn, the name and the business entity number is already filled automatically and cannot be overridden, false details such as name will not be accepted, in case any update is to be made, the update form is required to be filled and completed before registration. If the business entity name is already registered, the name is automatically transferred to the national register, existing business traders are required to submit their Australian business number to register their new business or entity.
To register for the abn, you can visit the government site business.gov.au, but registering through a government site requires a lot of patience, as it will take months to make your registration. It is recommended to submit and contact the Australian taxation office regularly as it is important to make the tax payments as revenue to the country. Those whose business registrations are in cocoa island and Christmas Island, as it has been passed as a law that it is not required for those whose business are in those two islands.