• New Wave Accountants

4 Tips to Help You Quickly and Easily Obtain Your ABN

Short for Australian Business Number, an ABN is a unique 11-digit number that identifies your company. With it, you can do many things, such as invoicing and ordering items without getting your company mixed up with another business that may be sharing a similar name or logo. That said, if you are planning to open up shop in Australia, you will need to get yourself an ABN.


Here's what you need to do to get an ABN:


1. Know the Requirements


Do you know the requirements to obtain an ABN? If you don't, then pay attention. While the application requirements for the ABN can be quite particular to different situations and circumstances, the majority of requirements will include any of the following: Your tax file number, details of your associates and their tax file numbers, the legal name of your entity, the tax agent registration numbers, authorised contacts, business contact details, and business location.


If you had an ABN before, then you will also need to ensure that you have it ready to be provided. The same can be said for your ACN, also known as the ARBN, which can be obtained from the ASIC.


2. Set a Date


When applying for your ABN, you will be asked when you expect to have the ABN ready for your business. Be sure to provide the date as early as possible where business activity begins. Also, ensure that the date you provide isn't longer than six months past the day you apply for the ABN.


3. Showcase Your Business Activities


As part of the requirement, you may be asked to show or highlight your business activities. These activities will be ones that will act as your company's primary source of income. For example, your company can be a construction business, or it can be an investment agency. Regardless, showcase your activities and highlight precisely how you are making money.


4. Head Online to Apply


With all the requirements met, it is time to head online to apply for your ABN. Go to the Australian Business Register website, as this will be where you can apply for your ABN. If you already have an existing ABN and want to update it, you can also do it here.


Because you have already prepared all your documents and information, receiving your ABN will be quick and easy. Some business owners have noted that they have received it in a matter of hours, while others in just a few days. However, if you are missing an important document or information, you can save the details you have recorded to be worked on later. While this is incredibly convenient, understand that it can delay your ability to receive the ABN.


Conclusion



Now that you've read all of that, what are you waiting for? Go ahead and apply for your ABN today! Remember, the earlier you get it, the earlier you can start doing business in Australia. That said, if you are running into any issues or still have questions in mind about applying for an ABN, feel free to do more searching or ask other professionals about it. The more informed you are about applying for your ABN, the easier and quicker it is to receive it!


New Wave Accounting offers end-to-end accounting and bookkeeping services to help small businesses scale and grow! If you are looking for accountants in Gold Coast to help apply for an ABN for you, let us help you today.







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