I'm starting a new business, do I need an ABN?

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.

 

 

 

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