How To Get An ABN In Australia
What’s a Rich Text element?
The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
Static and dynamic content editing
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
How to customize formatting for each rich text
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
One of the first steps in starting your business is to get an Australian Business Number, known as an ABN. This number is issued by the Australian Government and used to identify your business. Understanding who must obtain an ABN, what information is needed to apply, where to apply and what to do with an ABN are all key considerations when looking to stay in compliance with the Australian Government.
Do I Need An ABN?
According to the Australian Business Register, you only need to apply for an ABN if you currently have or will be creating an enterprise in Australia, make supplies in Australia or are a Corporations Act company (Australian Government).
An ABN is often issued in conjunction with an ACN, if you are setting up your business as a company. Moreover, an ABN is required to be included on certain forms, making it a factor many business owners need to consider.
What Do I Need To Apply For An ABN?
There are a few pieces of information that you will need to remit on your application for an ABN.
First, you will need to know your business structure. This can be a sole trader, partnership, company, or trust.
In addition, you will need to show proof of identity to ensure the application is not fraudulent.
Finally, you must remit details about your business including your primary business activity, owner information, business location, and associates’ details.
Where Do I Apply For An ABN?
Applying for an ABN can be done directly on the Australian Government’s website. The application is free and shouldn't take more than an hour to complete. In this application, you can also simultaneously apply for an ACN if you are a company.
If you include all of the required information, you can receive an updated status on your ABN right away; however, if information is missing, you will generally be contacted by The Australian Taxation Office within 20 business days.
Here is a glimpse into navigating the application:
First go to: https://www.abr.gov.au/business-super-funds-charities/applying-abn. Your page should look similar to the one below;
Once you click on apply, it will bring you to a disclaimer screen where you can agree and continue. After that step, your screen should look similar to this:
Here you will go through six steps: ABN entitlement, application detail, business information, associate details, the reason for application, and declaration. You will need to know your business structure and basic information to accurately complete the application.
What Is An ABN Used For?
Your 11-digit ABN has a few different purposes. First, this number will be found on invoices to customers and vendors when you receive or sell goods.
Additionally, having an ABN on file can help you avoid pay as you go taxes on any payments you receive. Your ABN will also help you claim credits, such as GST credits and energy grants.
Finally, if you are planning on setting up an online presence, an ABN is generally required.
The process of obtaining an ABN is important for businesses to understand early on to stay in compliance with regulatory agencies. Once you have your business going, be sure to check out this article on 10 steps to starting a business in Australia, and these articles on tips for small business owners.
In addition, proper insurance coverage is also critical. Many small businesses neglect to find the right policies to cover their business operations, opening the door to detrimental lawsuits. Instead of researching different carriers blind, utilise our instant quote generator, where you can get an estimate on market-leading insurance in seconds! Simply enter your occupation and expected revenue to get started.
Start the journey of protecting your business and personal assets today.