ABN is much different with TFN. TFN is confidential personal document. However, in business, customer or suppliers are entitled to ask for your ABN. Anyone can check the details of your ABN by abr.business.gov.au to find out your basic information.
Not everyone is eligible to get ABN. You have to already operate or intend to carry out a business, then you have eligibility apply for ABN.
You have to notify ATO if you do not carry out business any more to deactivate your ABN. ATO officially takes up to 28 days to process you ABN application. But as an experienced tax agent, we have 90% of chance to get your ABN approved by ATO for you application. If you ask us to apply for ABN, you must tell us if this is first time to apply or if you have been rejected by ATO before.
When we talk about ABN, another concept that has to be mentioned is GST. GST is standard for Goods and Services Tax. In addition to agricultural products, seafood, water, bread and government charges, all products and services have a 10% GST. If you apply for an ABN, based on your business operation, if the annual turnover is less than $75,000, you can choose whether you apply for registering GST or not. If you apply for GST registration, you have have the right to apply for annual or quarterly registration; if your annual turnover is more than $75,000, GST registration is compulsory, and you have lodge a business activity statement (BAS) quarterly.
