Advantages of Australian Business Number

The Australian Business Number (ABN) which refers to an identification number used on verification purposes of a particular business entity by providing the necessary details. The entities that apply for ABN include sole traders, limited companies and others. This identification number streamlines the communication lines between entities and governments agencies. Some of the advantages attributed to obtaining an Australian Business Number for companies that register an annual turnover of over $75,000 include; charity income tax exempt or qualifies an entity as a gift deductible receiving entity. The possession of an ABN exempts the entity from making payments due to other entities by preventing them from making deductions on the PAYG withholding tax otherwise the Pay-As-You-Go funds.

Energy grant credits can be claimed by entities enlisted as having ABN as prerequisite for the same. Through online access, any company intending or already in a business transaction with another can easily obtain relevant information regarding contacts and other company details essential in ordering processes and making of invoices. Through this, the company can equally conduct deals with the government due to transparency and credibility attributed to the company. Applying for an ABN has been made easy and registration can be made online without the need to visit the Australian Taxation Offices or the Australian Business Register’s office. No hidden charges are pegged on the online registration process upon visiting the Australian Business Register websites homepage.

However, it is optional to contact registered experts in this field who are equipped with the necessary information and tools with the guidance procedures in making successful Australian Business Number registrations. Distil Group founded by an accountant with experience offers reliable online registration facilities. Through this, one can actually concentrate on business affairs than running around working on regulatory requirements by simply letting registered personnel handle the ABN requirements.

Besides registration for an ABN, an entity making above $75,000 registers for the Goods and Services Tax (GST) as stipulated by the law. Getting an ABN is probably one of the most important phases of any business entity intending to indulge in extensive business affair at high levels with major tendering and contracting firms. For entities making less than $75,000, it is also wise to register for GST in order to maintain the current and prospective clients in order to remain competitive in the respective market. Non-profit organizations with turnovers above $150,000 have to register for GST but it also mandatory to have an ABN.