Dec 8, 2022
How To Set Up an ABN
Learn how to set up an ABN in 3 easy steps.
You might be considering setting up your own business, going out on your own as a freelancer, or finally turning your hobby into a money-making venture. In that case, you’ll need an ABN.
Getting an ABN might seem like a tricky process, but it definitely doesn’t have to be. Here’s how you can set up an ABN in three easy steps (and in less than an hour!).
What is an ABN?
Before we dive in, what is an ABN? ABN stands for Australian Business Number (though you’ll almost never hear it referred to as anything other than ABN). It is a unique 11-digit number that identifies your business. With an ABN you can:
- Get a business name
- Get an Australian domain name
- Identify your business to the community when ordering, invoicing and otherwise doing business
- Avoid paying PAYG tax on payments
- Claim GST credits
- Claim energy grants credits
Do you need an ABN?
In general, if you’re running a business or other enterprise you will need an ABN. While the ATO says that you don’t have to apply for an ABN unless your annual turnover is expected to reach $75K, the reality is that if you want to issue invoices without having tax withheld, it’s a requirement that you include an ABN.
How to set up an ABN?
Anyone can apply for an ABN as long as you are an Australian resident for tax purposes and hold a current tax file number. Setting up an ABN is easy. As long as you have your details ready, your input will take only a few minutes (less than 10), and our team can manage the rest for you.
Let’s get started.
Step 1: Gather Your Information
There’s no ID or other documents necessary, but you will need certain information, and you will need a TFN (Tax File Number). You can apply for a TFN here. You will also need the following:
- Your business name
- Main business activity
- Your email address
- Your tax file number
- Your company name
- Main business activity
- Email address
- Address and contact details of directors and shareholders
- ACN
- Your trust name
- Main business activity
- Email address
- The name of all trustees
- If possible, the tax file number of those trustees
- Your partnership name
- Main business activity
- Email address
- The name of all partners
- If possible, the tax file number of those partners
Step 2: Fill in The Online Form
Next, simply fill in the online ABN application form. You’ll just need information about yourself (name and address etc.) as well as the information set out in Step 1. The process of filling in the form should take less than 10 minutes, from start to finish.
Step 3: Your ABN is on the way!
Your ABN will arrive in your inbox within 10 minutes (during regular business hours). And you’ll be ready to go with your new business venture!
Occasionally, the ATO will decide to review an application. If that occurs, your ABN application can take up to 28 days for approval. This is a very rare situation, but if it does happen, we’ll manage the entire process, keeping you updated on the progress of your application and helping you to speed up the process as much as possible.
Do You Also Need GST / TFN / PAYG?
If you are also applying for GST, TFN or PAYG registration, we’re happy to help you do just that. It’s not as immediate as the confirmation of the ABN registration (you may need to wait three to five working days), but we can ensure the process is smooth and frictionless for you. Not sure if you need to register for GST? Find out here.
Let’s Get Started
Now that you know how to set up an ABN, our expert team is ready to help you get started! Head to our online form or get in touch with us today and we’ll help you get the process started.
Read more: The Ultimate Guide for Getting an ABN
All information provided on this webpage is general information about our products and services. Nothing on this webpage is intended to be professional advice of any kind and should not be relied on as such. You should obtain specific financial, legal or other professional advice before relying on the content of this webpage. By not seeking such advice, you accept the risk that the information on this webpage may not meet the specific needs of your business. Our liability is limited to the maximum extent permitted by applicable law in accordance with our website terms and conditions.
