Essential ABN Info for Tradies Starting Their Own Business
As a tradie you have been working for someone else’s business and now you have built the courage and confidence to start your own business? If this sounds like you, here’s how to get started with applying for an Australian Business Number (ABN). It is free to apply for an ABN through the Australian Business Register. More details in the article below.
What is ABN?
It is a unique 11 digit number identifying the business to the public, other businesses and the government. Therefore, you can use your ABN to identify your tradie businesses when dealing with other businesses and the government.
Here are the 11 things to check before applying:
1. The Tax Agent Number of Tax Agent
If you are using a tax agent, you need to provide the tax agent number of your agent.
2. The Legal Name of Your Tradie Business
- You need to provide the legal name of your tradie business. You, therefore, need to register the name. The name will appear on your legal papers and official business documents.
- If you do not have a business name, you can use your legal name.
3. The Location of Your Tradie Business
You will need to provide the permanent physical location of your tradie business. Therefore, you need to provide the phone number, email contacts and street address of your business.
4. The Business Associate’s Details
You will provide the details of any business associates with your ABN application. Therefore, you need to provide the residential address, TFN, position held, gender and date of birth of your business associate.
5. The Date You Need Your ABN
You can choose the date when you intend to start your tradie business.
6. The Correct Information
You will need to complete a declaration, which states that you have provided the correct information before you submit your ABN application.
7. The Main Activity of Your Tradie Business
You will have to provide the main source of income for your tradie business. If you are operating from several locations, you also have to provide the major business activity for every location.
8. Your Authorised Contact
- You will have to nominate someone to deal with your business issues. The person can, therefore, make updates or changes on behalf of your business.
- You will, therefore, need to provide the details of the person, including email address, fax number, phone number, mobile number, position held and name.
9. Your Tax File Number
You need to provide your tax file number (TFN) to get your ABN online. If you have business associates, you also need to provide their TFN.
10. Your Australian Registered Body Number and an Australian Company Number
You may have to register your tradie business with ASIC before you apply for an ABN. Once you register your business, ASIC issues you with an Australian Registered Body Number (ARBN or an Australian Company Number (ACN).
11. Your ABN If You Already Have One
If you already have an ABN, you will need to provide it. If you are not sure if you have one, you can check using the Lookup service.
How Griffiths Advisory Can Help You?
Griffiths Advisory can not only help you apply for an ABN. We can also help you realise your financial goals by taking you through the process involved in setting up a successful business. If you are a tradie looking for a specialised tax accountant for your business operating or planning to start a small tradie business of your own in Perth, Western Australia, contact Griffiths Advisory today.