The ABN is an 11 digit number, which is unique to your business and comes with a range of benefits.
Free registration for your ABN and business nameAs you complete the online registration process, you are also given the option of registering for a business name. This could be your own name or the name of your fledgling company for use in business transactions. The process essentially equates to less paperwork for both yourself and the ATO to complete, as you will be registering for your ABN and your business name at the same time.
Claim back business costs for EOFY
One ABN for them allIf you are a business, in a partnership or a sole trader, then you only need to get the ABN once for all of your future transactions with your new business name. If you complete freelance work on the side for a range of clients, then you only need to provide the same ABN to each client, regardless of the type or duration of the task. It is also possible to manage a range of businesses under one ABN. You could freelance as a graphic designer and run an online store with your ABN whilst working part-time, should you choose to do so.
Having an ABN essentially opens up more self-employment possibilities and gives you the freedom to invest in your business while the government supports you through various benefits and concessions.
As small business specialists, Stone Accountants & Advisors can assist you with all your ABN queries, from setting up one to managing compliance issues going forward. If you would like more information contact us, or check out our page on business structure setup for more information on ABNs.