Friday, June 22nd 2018

Question

Do i need an abn or acn as a sole trader?

Interesting Question?   (15)   (13)



Answers (1)

8th Dec 2009 by Tobias John Sterling

'ACN' stands for Australian Company Number. This is the number that is assigned to new companies by the Australian Securities and Investments Commission when they register under the Corporations Law. Setting up as a sole trader means that you're not using a company structure, so obviously you won't have an ACN. 'ABN,' on the other hand, stands for Australian Business Number. This is an 11-digit number that identifies businesses so that others know who they are dealing with. ABNs are assigned by the Australian Taxation Office through the Australian Business Register website (http://www.abr.gov.au/). They allow business to deal with each other and with government departments and agencies using just one number. As a sole trader you don't absolutely need an ABN, but they're free and having one carries some benefits. For example, if you don't have an ABN, other businesses will deduct PAYG withholding tax from payments they make to you. Also, if your turnover is more than $75,000 per year, you'll need to register for the Goods and Services Tax (the 'GST'), and you'll need an ABN for this.

Like This Answer?   (15)   (0)
This answer is the subjective opinion of the writer and not of FinancialAdvisory.com



26th Nov 2009 In Business 1 Answers | 3454 Views

Answer This Question / Give Your Opinion
Do i need an abn or acn as a sole trader?


Answer: *

What country is this answer relevent to? *
Your Name: *

Enter Verification Number: *


Give Your Opinion
What do you need to open up a bank account in Afghanistan?
Share a simple answer to help inform others:
Specific to any country?
First name / Alias

• Your answer will be posted here:
What do you need to open up a bank account in Afghanistan?
Unanswered Questions in Business
Can i use my abn for two different businesess?
Where can you get traditional paper imprinters for a business?
What are Clearing house services?
What are BPOINT Receivables?

Answered Questions in Business
How to cancel abn?
Why get an abn?
What is the difference between abn and acn?
How to get an acn?
How to get an abn?
Ask A Question
Get opinions on what you want to know:
Specific to any country?