It is highly recommended that you get an ABN if you are starting a business or are going to be a contractor. Your Australian Business Number (ABN) is a unique eleven-digit number that identifies your business with the government. Without an ABN, your customers must withhold 49% of their payment to you as tax. ABN’s are registered with the Australian Tax Office (ATO).
An ABN is necessary if you want to:
-Register a business name
-Apply for GST
-Open a business bank account
-Register a ‘.com.au’ domain name
How long does it take to get an ABN?
If it is your first time starting a business, you should receive your ABN within 15 minutes. If you already have an ABN or your details don’t match what the ATO has on record, they will place you on a 28 day hold. If that’s the case, we usually find that you will receive your ABN within two weeks.