ABN important facts
Have you ever wondered what an Australian business number (ABN) can and can’t do?
To help you better understand ABNs and tell fact from fiction, we've put together a short video series on a range of ABN topics.
On this page:
- ABNs and the tax-free threshold
- ABN entitlement
- Updating your ABN
- ABNs are for life
- Cancelling ABNs
- Cancelling business obligations and ABNs
- ABNs before GST
- ABNs and agents help
ABNs and the tax free threshold
Most people who have an ABN are required to lodge an annual income tax return. This is regardless of whether the business is reporting a profit or loss and above or below the tax-free threshold.
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ABN Entitlement
Not everyone is entitled to an ABN – you must be running a business. You are also responsible for your own income tax, superannuation and GST(if applicable).
To check if you are entitled to an ABN, go to abr.gov.au and use the entitlement tool.
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Updating your ABN
It's your responsibility to maintain your ABN details. You must update your details within 28 days of becoming aware of changes.
Updating your ABN details will ensure:
- the right people have the right permissions to act on behalf of a business
- government agencies have current information – for example, if emergency services need to contact businesses during a natural disaster
- you are ready for new government services when they become available.
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