Being a business owner, complying with government policies is mandatory and an Australian Business Number (ABN) is essential for every business. An ABN is a one-of-a-kind 11 digit number that represents your business. However, if you are thinking about how to get business registration done, we are here to explain the matter in simple words.
How to Register a Business?
In order to apply for registration, you may go to the Australian Business Register website and submit your application. However, before you begin filling out the application form, make sure that you have all the information available including your tax file number for quick service.
What You Must Have for ABN Applications
In order to fill out the application forms, you must have the following information with you:
- Tax File Number if available.
- Previous ABN if any.
- Australian Company Number or Australian Registered Body Number.
- Date for ABN requirement.
- Legal name.
- Official contact details.
- Business activities including the source of income.
How Much Does an ABN Cost?
Applying for an ABN directly on the website does not cost anything for the business owner. However, if you apply for it through a tax agent, you will have to pay the charges worth their service.
Why is ABN Important?
Before starting a business, consider the importance of having an ABN as it is the identity of your business in front of the government as well as the community. From taxation to other business purposes, an ABN becomes your verification number as well as it is used on legal documents and invoices.
It can be beneficial for you in various spheres including when you register a business name or try to secure an Australian business domain. Moreover, it ensures that you are conducting the business in accordance with Australian Taxation Office rules and laws.