Introduction to Australian Business Numbers (ABN)
An ABN (Australian Business Number), s a unique 11-digit identifier that plays a crucial role in recognizing businesses in Sydney and is essential for government and community recognition. It serves a distinct purpose from the Tax File Number (TFN) and is particularly important for fulfilling tax and business requirements, especially for accountants in Sydney.
Importance of ABNs for Businesses in Sydney
If you are doing business in Australia, it is necessary to register for an ABN. The application process can be completed online through the Australian Business Register (ABR). For simple registrations where all information is provided at the time of registration, an ABN is issued immediately after the online application is submitted.
New Identity Confirmation Procedures
Unfortunately, the ABR has recently introduced new identity confirmation procedures, which generally means that companies with foreign directors must submit certified copies of identification documents before an ABN will be issued. This can cause significant delays in being issued an ABN, which, while not preventing the company from operating, causes issues with banking arrangements and invoicing customers.
Navigating the ABN Application Process with Accountants in Sydney
Accountants in Sydney play a crucial role in guiding businesses through the process of obtaining an ABN and ensuring compliance with tax and business requirements. They are well-versed in the intricacies of the application process and can provide valuable assistance in navigating the new identity confirmation procedures. It is important for accountants in Sydney to stay updated on the latest changes to the ABN application process and inform their clients about the potential delays and additional documentation requirements. By working closely with their clients and the ABR, accountants can help mitigate any adverse impacts on their clients’ businesses and ensure a smooth registration process.
If you want to establish a company in Australia, we can help guide you through this process. Don’t hesitate to reach out and contact us.
*Correct as of November 2015
*Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.
