If you are running your own business in Australia, you require a special number called ABN (Australian Business Number). This helps in the easy identification of your business, as well as easy submission for taxes as a business. This post shows you the ABN: Advantages and obligations.

If you are providing a service: such as cleaning for a sub-contractor or an agency, in most cases they will ask you for an ABN. This means you are offering your service as a business for someone who is finding the job for you, so you would need to invoice them.

• You can also find your own jobs
• Be in control of the amount you charge and invoice that person that you are providing the service for
• Your ABN must be clearly visible on your invoice as well as: your address, contact details, your name and/or your business name if any
• You receive a gross payment and must personally lodge and pay your taxes to the Australian Taxation Office (ATO) by June 30 each financial year.
• To apply for an Australian Business Number (ABN), you must first hold a valid Tax File Number (TFN). The Australian Business Register (ABR), a division of the ATO, issues the ABN.
• Remember to register for GST if your annual business turnover is greater than $75000 dollars
• You can employ your own staff and sub-contract other services
• If you employ staff remember to register for PAYG before ATO
• You must open a business bank account to manage your money affairs
• Consider setting up an accounting system to track income, expenses, and generate regular financial reports for your business.
• Depending on your operations, securing Public Liability Insurance can protect your business against third-party claims and legal costs.

Use this guide to help manage your business responsibilities after registering for an ABN, though it does not cover every requirement. Refer to your accountant if you have further questions.