WHAT IS AN AUSTRALIAN BUSINESS NUMBER – LEIGH BARKER TANGIBLE ASSETS

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What is an Australian Business Number

• Leigh Barker Tangible Assets

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• When an activity becomes a business, it may
  require an Australian Business Number (ABN). If
  this point has been reached you can apply for an
  ABN to use in all business transactions.
• In order to ascertain if an activity has become a
  business there is an ABN entitlement tool located
  on the Australian Business Register (ABR) to
  assist with that decision-making process.
• While there is no single test to determine if an
  activity is a business there are numerous
  features that may indicate that activities being
  undertaken may form a business.

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• For example, there is an intention to make
  profit, there are sales of products or services
  of a reasonable size, activity is conducted in a
  business-like manner, having licenses or
  qualifications, having a registered business
  name, and maintaining records and accounts. 
• An Australian Business Number (ABN) is an
  eleven-digit unique identifier that is issued by
  the Australian Business Register (ABR) which is a
  branch of the Australian Tax Office (ATO).
• An ABN is free when registering through the ABR
  and once registered, ABN details are held in the
  ABR. 

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• An ABN is generally quoted on all invoices and
  other documents relating to the sale of goods or
  services made to another business else a
  withholding tax may be applied under the PAYG
  withholding system.
• As a unique identifier an ABN will allow
  businesses to be readily identified by government
  and non-government businesses.
• Once issued the ABN will appear on the ABN Lookup
  database.

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Leigh Barker Tangible Assets

• Please note Prepared by Leigh Barker Tangible
  Assets, Accountant, Portfolio Finance, Gordon,
  West Pennant Hills and MWC Group, Note that all
  content of this blog is general in nature and
  anyone intending to apply the information to
  practical circumstances should seek professional
  advice to independently verify their
  interpretation and the informations
  applicability to their particular circumstance.