If you’re working as a sole trader in Australia, chances are you’ll need an Australian Business Number (ABN).
It’s one of those essential admin bits and bobs that comes with being a sole trader – and since you’ll need it for a few different things, knowing where to find yours when you need it is pretty handy.
First, real quick –
What is an ABN?
Great question!
For the uninitiated, an ABN is a unique 11-digit number that helps other businesses and government bodies identify your business (think ATO).
You can only have an ABN if you’re operating a business, and it doesn’t replace your Tax File Number – they’re two totally different things.
What are ABNs used for?
There are a bunch of different ways an ABN can be useful to you as a sole trader.
You can add the number to your invoices to make you easily identifiable to clients and customers. You’ll need an ABN in order to register for GST. You can also use your ABN as a commercial ID when registering an Australian domain name – ideal if you’re planning to build a website to showcase your immeasurable talents.
Without an ABN, any business paying you for your services may be required to withhold nearly half (47%) of your payments for tax purposes. Oof!
How to find your ABN
If you already have an ABN but can’t remember what it is, don’t worry – they’re really easy to look up. It’s not like finding a needle in a haystack.
Head to the ABR website and use their ABN lookup tool. Easy!
This should surface at most a handful of business names and entities, and you should be able to identify yours by the corresponding location in the right-hand column.
When you click the one you reckon is yours, your name should be listed as the entity (eg. the business).
Don’t have an ABN yet?
If you don’t have an ABN, applying for one is fairly straightforward – it shouldn’t take more than 30 minutes in total. 10-15 minutes to get through the application process, and another 10 minutes for the ABN to land in your inbox.
Best of all, it’s completely free. Our guide to registering as an ABN sole trader will walk you through the entire application process.
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