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Tax Basics for Your Business - Registration (Australia) |
Iveta Durcanova, Australia |
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Do I need an ABN?
It is not compulsory to have an ABN, but your business will need an ABN to:
- register for GST and other business tax registrations such as Pay as you go withholding
- deal with other businesses, for example, you must quote your ABN on any tax invoices you issue
- avoid having tax withheld from payments. Businesses require to withhold 48.5% of any payments they make to you unless you quote an ABN.
How do I register for an ABN?
- You can apply using the following forms:
- Individuals (sole traders) - 'ABN registration for individuals' NAT 2938
- Companies, Partnerships and Trusts - 'ABN registration for companies, partnerships and trusts' NAT 2939.
These forms can be used to apply for an ABN only or both an ABN and a TFN. You can request these forms by calling the Small Business info line on 13 28 66 between 8 am - 6 pm Monday to Friday and quote the NAT number to an operator.
- You can apply for an ABN online at www.abr.gov.au.
- You can ask your tax agent to obtain an ABN on your behalf.
Do I need to register for GST?
You must register for GST if:
- you are carrying on a business and
- your current or projected annual turnover is $50,000 or more.
If your annual turnover is below $50,000, you may choose to register for GST.
You must continually monitor your turnover. As soon as you realise that your current or projected turnover is $50,000 or more, you have 21 days to register for GST.
How do I register for GST?
You can choose from the following four options:
- Call the Small Business info line on 13 28 66 between 8 am - 6 pm Monday to Friday.
- You can apply online while registering for an ABN. Visit www.abr.gov.au. This option is only available when initially registering for an ABN. Once you have an ABN, you cannot register for GST online.
- You can fill out a paper application form that you can order by calling 13 28 66 and quoting a NAT number of the form to an operator.
- If you are a sole trader and want register for an ABN and GST together, you need to fill out a form 'ABN registration for individuals' NAT 2938.
- If you are a company, partnership or trust and want register for an ABN and GST together, you need to fill out a form 'ABN registration for companies, partnerships and trusts' NAT 2939.
- In case you have already an ABN and would like to register for GST only, you need to fill out a form 'Add a new business account' NAT 2954.
- You can ask your tax agent to make the registration on your behalf.
Do I need to register for a Pay as you go withholding (PAYGW)?
You need to register for PAYGW if you employ people.
How do I register for PAYGW?
- Call the Small Business info line on 13 28 66 between 8 am - 6 pm Monday to Friday.
- You can apply online while registering for an ABN. Visit www.abr.gov.au. This option is only available when initially registering for an ABN. Once you have an ABN, you cannot register for PAYGW online.
- You can fill out a paper application form that you can order by calling 13 28 66 and quoting a NAT number of the form to an operator.
- If you are a sole trader and want register for an ABN and PAYGW together, you need to fill out a form 'ABN registration for individuals' NAT 2938.
- If you are a company, partnership or trust and want register for an ABN and PAYGW together, you need to fill out a form 'ABN registration for companies, partnerships and trusts' NAT 2939.
- In case you have already an ABN and would like to register for PAYGW only, you need to fill out a form 'Add a new business account' NAT 2954.
- You can ask your tax agent to make the registration on your behalf.
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