Ostroff, Fair and Company
*Ostroff, Fair and Company>>>Australia Taxes

What the hell in an australian business number and why do i need one?


i get paid v. little to perform.

tax office will send you info if you ask them or go to the ATO website
http://www.ato.gov.au/
ABN is 1. an identifier for dealings with the Australian Taxation Office and for future dealings with other government departments and agencies.
2. An Australian Business Number, or ABN, is an 11 digit unique identifier issued by the Australian Taxation Office that is used by business entities when dealing with the Australian government. It was introduced as part of the New Tax System brought in by John Howard's Liberal government on 1 July 2000.
It is not compulsory to have an ABN, but your business will need an ABN to: 1.register for GST and other business tax registrations such as PAYG withholding
2.deal with other businesses, for example, you must quote your ABN on any tax invoices you issue
3.avoid having tax withheld from payments. Businesses will be required to withhold 48.5% of any payments they make to you unless you quote an ABN.
Each entity receives one ABN, regardless of the number of commercial activities or enterprises it undertakes, for example, a single entity running a cafe and a newsagency would have only one ABN. But if you set up separate companies, partnerships or trusts, each entity must register in its own right.
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