Do you need an ABN for your business?
Today I’m going to talk to you about:
- whether or not you need an ABN for your business
- things to be careful of when registering your ABN and
- a little walkthrough of the process of setting up your ABN
How to figure out whether or not you need an ABN for your business
If your business has a turnover of $75,000 per year then you need a ABN. If you earn less than $75,000 revenue per year you don’t legally need an ABN however having an ABN is quite handy.
If you invoice people it is great to have your ABN on the invoice so that they can claim any GST that you may charge.
When you have an ABN you can claim back the GST that you spend in your business. And if you do earn $75,000 or more revenue then you do legally need an ABN.
a few things to be wary of when registering your abn
There are some things to watch out for however when registering your ABN.
It can be quite hard to find the correct page on the internet where you can register for an ABN for free.
Registering for an ABN should be free so if you are being offered ABN registration and they are asking you for money you are not on the right page. there are a number of businesses who come up in a Google search when you search “register and ABN”. These businesses charge you a fee to register your business name and ABN.
You don’t need to have a registered business name.
You only need the ABN.
So please be wary of these businesses if you don’t want to pay for your ABN and instead use this link which takes you directly to the government website to register your ABN for free.
a little walkthrough of registering your abn
Now I’m going to share a video of me setting up an ABN. all the information in this setup is false just to show you the first few steps and to see the website with your eyes so that you know what the page should look like for the free service.