ABN (Australian Business Number)
When you form a company you will be issued an ACN (Australian Company Number). Once you have this ACN you can then apply for an ABN. When you register for an Australian business number (ABN), your Australian Company Number (ACN) will be used to create your ABN. Your ABN is actually two check digits followed by the nine existing digits of your ACN.
You are able to be issued an ABN if you carry out a business as a sole trader or partnership.
TFN (Tax Filing Number)
An Australian company will have its own Tax Filing Number (TFN) and it will be separate to your own individual TFN.
Goods and Services Tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. Registration for GST is compulsory for companies who turn over more than $75,000 per annum. Once registered for GST, a company can charge GST on the products and services it provides and also claim back GST against expenses made for the business.
You will need to register for PAYG if:
- You are going to have employees;
- Use contractors that you agree to withhold tax amounts from;
- Pay invoices which have not included an ABN
We charge sole trader $50 for an ABN registration.