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Posted on 24 November 2021

The Australian business number (ABN) was introduced on 1 July 200 and is operated by the Australian Tax Office. The ABN is a a unique 11 digit Australian Business number identifier. which is issued by the Australian Business Register.

There is no requirement for a sole trader to have an ABN.

Who needs an ABN

  • Businesses with GST turnover of $75,000 or more must register for GST and need an ABN to do this
  • Non-profit organisations with GST turnover of $150,000 or more must register for GST and need an ABN to do this
  • Entities seeking to be endorsed as a deductible gift recipient need an ABN to obtain that status
  • Charities seeking exemption from income tax need an ABN.

Other eligible entities may choose to register for an ABN:

  • Companies registered under the Corporations Law
  • Business entities carrying on an enterprise
  • Trustees of self-managed superannuation funds should obtain an ABN for the fund.

Disclaimer
The material in this content is for the benefit and information of clients. The items are in the nature of general comments only, and are not to be used, relied or acted upon without seeking further professional advice. Falcon Advisory accepts no liability for any errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice. Liability limited by a scheme approved under Professional Standards Legislation.

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