The Australian Business Number or ABN is a unique 11-digit number that is given to businesses or traders in the country. Before starting a business or doing any activities that aims to gain profit, it is important to get an ABN first if you don’t have one. It is an essential requirement when you are registering for GST or tracking the finances of your business.
Applying for an ABN doesn’t require capital, unless if you’re using the services of an accountant to apply for it. There are two ways to get your business an ABN. If you’re still unfamiliar with this, here’s a simple guide to help you through your ABN application.
Online Application
Applying for ABN online is the easiest and fastest way to get it. All you need is to visit the ABN application website and choose to apply. First, there will be a set of instructions and information regarding the website and how to apply. Check if you meet the eligibility requirements first before going to the next step since you won’t be allowed to apply if you’re lacking requirements. Then, you will be taken to a page where you’ll need to fill in all the essential details about the nature of your business such as tax file number and other business documentation.
Be sure to fill in with the correct information to avoid problems and delays on your application. After that, check all the information to see if there are no mistakes. Read over the terms and conditions then declare by law that you agree with it and everything you have submitted is true and correct. Submit your application and wait for a while to get your ABN. Typically, you can get it within an hour if there are no problems. If your ABN is cancelled, you can also do an ABN reactivation for free online.
Through Mail
If you want a more traditional way of applying for an ABN, you can still do so through mail. Although you can’t get an ABN application form online or as PDF, you can order one by calling the Australian Taxation Office. Usually, it will take 10 days before you can receive your ordered form through the mail. When you get it, simply fill in the essential details asked on the form.
See to it that you fill in the correct information to prevent delay in your application. Once you filled up the form, mail it back to the Australian Taxation Office. Your application will be processed then once they receive your application. You’ll get a response whether your application was granted or refused in about 28 days. If your application has been refused, check the refusal notice to know the reason why it got rejected and what will be the next steps you need to do to fix your application.
Applying for an ABN is not that complicated once you know all the basic information needed and the essential steps to take.
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