What the difference between an ABN and ACN?
- 5 years agoFavorite Answer
" Under Australian business and tax laws; the ABN and ACN are quite different from each other:An ABN (Australian Business Number) is a unique 11 digit number issued by the Australian Tax Office (ATO) to all businesses and associations; regardless of their legal structure. i.e. sole trader; partnership; company; trust or non-profit organisation. It is used for the purposes of identification in dealings with the Australian Government; or for other Commonwealth purposes; in particular with respect to taxation laws.ÂƒAn ACN (Australian Company Number) is a unique 9 digit number issued by the Australian Securities and Investment Commission (ASIC) that is only issued to new businesses that chose to trade under a registered company as their legal structure. ACN are issued to ensure the adequate identification of companies when transacting business.Note: Even though AISC also administers the registration of business names; registering a business name does not mean you have registered a company and so does not create the need to issue an ACN. You do need to have an ABN to register a business name and you do need to have an ACN to register an ABN. An ABN for a company is made up from the 9 digit ACN plus 2 precedent numbers to bring it up to 11. "
- 5 years ago
In contrast, an ACN is a nine-digit number issued by the Australian Securities and Investments Commission (ASIC). It is a unique identifier purely for companies, unlike an ABN which is issued to all entities carrying on a business.Jun 19, 2015
- 5 years ago