Do Makeup Artists Need An ABN?
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Have you decided to make the jump and start your own makeup artist business?
With an increasing demand for grooming services due to the rise of self-care, the industry is flourishing. So much so that the job growth perspective for makeup artists is estimated at 7.7% over the next five years.
If you’re creative and enjoy making people feel good inside and out, starting your own business in makeup artistry could see you earn good money while providing you with the flexibility of working your own hours.
But while running a makeup artist business has many advantages, it also comes with responsibilities such as setting up the right business structure and applying for an ABN.
To help you get started, we’ve detailed below what an ABN is, whether you need one, and, if so, how to apply for it.
What's An ABN?
An ABN (Australian Business Number) is a unique set of 11 digits that appears in your invoices and other transactional documents and helps identify your business to the government and the community.
Here are a few instances you can use your ABN:
- Identify your business when invoicing clients
- Avoid pay-as-you-go tax on your payments
- Get an Australian domain name
Do I Need An ABN As A Makeup Artist?
If you work for a company, you don’t need an ABN unless required by your employer. However, if you work as a freelancer from your clients’ homes or run a salon as a sole trader, you should apply for an ABN.
The reason is simple: if you invoice clients for more than $75 but don’t have an ABN, they’re legally required to withhold 46.5% of your payment - which is the top marginal tax rate - and pay it to the ATO. Besides, if you earn over $75,000 a year, you are required to register for GST, and to do so, you’ll need an ABN.
Last but not least, having an ABN will make doing your tax return much more manageable. You’ll be able to easily declare your income and gain from any tax deductibles that occurred over the year.
How To Apply For An ABN?
The good news is that applying for an ABN is quick and completely free.
Here are the steps to follow when applying for an ABN:
- Gather the necessary documents, including proof of identity, TFN, associates’ details of applicable, business contact details, location, activity description, and previously held ABN if applicable. You’ll find the list of documents you need on the ABR’s website.
- Once you have the documents, click here to start your application and upload them.
And you’re all set!
Applications are usually processed within a few days but allow up to 20 business days as recommended on the Australian Business Registration’s website.
Don't Forget About Business Insurance For Makeup Artists!
As a business owner or independent contractor, you can be liable for third-party injuries or damages to property arising from your business operations.
Don’t hesitate to use our free instant quote generator, where you can get an estimate on market-leading insurance for makeup artists in seconds.
Simply enter your occupation and expected revenue to get started.