Australian ABN, please help?
Hello, I'm looking to start my own business up in Sydney and I don't know how to start to even apply online for an ABN.
I've heard it's free to get one, however I've also heard it's $50 from a few people, could anyone please confirm which one is correct?
So my main questions are;
Do you NEED to come up with a business name in order to get an ABN? (I'm a personal hypnotist practitioner and thought I'd open an office up) , if so, do you need an ABN for each different business you create if they're different names or different professions, let's just say I wanted to open a clothing store for example as well as having my other business running.
Aproximately how long would it take to recieve the ABN?
All the help I can get will be much appreciated :)
- dakkyLv 57 years agoBest Answer
It costs nothing to apply for an ABN, however you must be eligible. You apply at abr.gov.au and you get the ABN immediately. Should only take about 10 minutes to apply.
Say your name is John Smith, you can apply for an ABN under the name John Smith and issue invoices and trade under that name. However, if you want to call yourself John Smith Hypnotist, then you need to apply for a business name. It costs $30 for one year or $70 for three years. You do this at asic.gov.au.
If you operate the businesses as a sole trader (which you seem to be), then you will get one ABN and you can use this for all those businesses.
If you want to protect your personal assets, you would be better to operate a company - however this is more expensive. You might like to get some advice from a tax accountant around all this, and you should definitely be engaging one if you're going into business.
- 7 years ago
Just apply on this site as an individual. Done in about 60 seconds.
Hope you have a business plan worked up, otherwise you are just heading towards losing what money you may have now.
- 7 years ago
It is free and the first person to answer said everything. good luck