Australian Business Number (ABN) is an 11-digit unique number. ABN Number in Australia launched on 1 July 2000 by the liberal government of John Howard's.
It is an identity of the business to deal with many government departments, agencies and the community of Australia.
The ABN number is obtained when starting a business in Australia. However, this number does not replace the tax file number.
Firstly, it is recognized as illegal to trade in australia without an ABN.
Therefore, if any business without an ABN enters a transaction, then the payment should be subtracted by 47% and afterwards deposited with the Australian tax office (ATO).
You can apply for an ABN by different platforms, for instance:
Above all, a tax file number (TFN) is a must before applying for an australian business number (ABN)
No fee is charged to apply for an ABN online, although if you take help from a registered tax agent so they may charge a fee for their services.
The application for ABN is processed faster if you have a tax file number. Most importantly the information is successfully verified.
ABN stands for Australian Business Number & ACN stands for Australian Company Number.
ABN and ACN are two different identity numbers with different purpose.
In other words, every australian business needs an ABN however only businesses registered as a company needs an ACN.
In conclusion, the company's ABN will always contain its two-digit ACN.
ABN cancels if your business:
Most importantly before cancelling your ABN, firstly ensure to complete any lodgements, reporting and payments with any government agencies you have been dealing with.
Secondly, if you want to cancel your pay as you go censorship, you should cancel it before you cancel your ABN.
You can cancel your ABN online using your mygovid login.
Your mygovid associates with your ABN using relationship authorization manager (ram). All changes you make online to your ABN takes effect immediately.
If you're unable to cancel your ABN using the link above, you can lodge a form by mail.
Also read about how to register a new business in India.