Having anAustralian Business Number (ABN) offers several benefits:
- Simplifies tracking business transactions for tax purposes
- Helps distinguish between personal and business activities
ABN and GST registration requirements:
- Mandatory for businesses with a GST turnover of $75,000 or more
- Essential for claiming GST credits on business-related purchases
An ABN is crucial for proper GST management, allowing you to reclaim GST paid on goods and services used in your business operations.
For comprehensive information on ABNs and GST, consult the Australian Taxation Office's official resources. They provide detailed guidance on business tax obligations and benefits and you can find them here: https://www.ato.gov.au/business/