Starting a business might feel simple in Australia, but there are also some procedures that you must go through before starting a business. An Australian Business Number (ABN) and a Tax File Number (TFN) are required for every business in Australia. Furthermore, businesses have to apply for Goods and Service Tax (GST) if they have an expected gross income equal to or higher than AUD75,000.
The ABN is a unique 11-digit number that allows the Government and the public to identify your business or organization. However, not everyone is entitled to an ABN, you may be prosecuted if you are not entitled to an ABN.
The TFN is a unique 9-digit number issued by the Australian Tax Office (ATO) to all individuals and organizations who are eligible for paying tax. It is used for administering tax and log-in other Australian government systems. Without a TFN, you cannot apply for government benefits or allowances, you cannot lodge your tax return online nor apply for an ABN. Therefore, it is very important to apply for a TFN, and you can actually apply for a TFN at any age.
CK Tax And Financial is a group of experienced accounting professionals from both Hong Kong and Australia. Our team provides one-stop service which includes ABN, TFN & GST applications for our customers to facilitates their business start-up process.