Australian Business Number

Viewing 9 posts - 1 through 9 (of 9 total)

ArthurK
Participant
@arthurk
Join Date: 2003
Post Count: 36
January 2, 2005 - 9:04 am
Hi,
Hope everyone has had a great new year celebration. Just wondering about ABN. How do I know if I need one and is it required by law. And is it also used for overseas investments??
Cheers,
Arthur. K
showmethemoney
Participant
@showmethemoney-2
Join Date: 2003
Post Count: 103
January 2, 2005 - 9:19 am
Hi Arthur
I would suggest visiting the ATO website. Basically if you are operating an enterprise then you need an ABN.
Regards
SMTM
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
January 2, 2005 - 2:43 pm
You need to be earning more than 50k per annum amongst other requirements.
Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au
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Comments made are of a general nature and should not be construed as individual advice.
Â© 2004 Mortgage Packaging Pty Ltd
showmethemoney
Participant
@showmethemoney-2
Join Date: 2003
Post Count: 103
January 3, 2005 - 1:45 am
Robert
I thought the $50K level was the point at which it was compulsory to register for GST.
All enterprises (as determined by ATO) should have an ABN, even if income is less than $50K.
SMTM
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
January 3, 2005 - 2:50 am
SMTM,
That is right. Less than 50k per annum does not REQUIRE an ABN.
Regarding this, I have a client who earns in excess of 150k per annum without an ABN and lodges his returns without problem. He explained it when asked by saying if the proceeds are all from capital gains and the income is in your personal name, you do not need one. I still think he is doing something dodgy here. I would love to know if this is true but have not yet checked with the ATO.
Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au
FREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
Â© 2004 Mortgage Packaging Pty Ltd
davidfemia
Member
@davidfemia
Join Date: 2003
Post Count: 89
January 3, 2005 - 5:37 am
Lets keep this simnple:
* Private investor (All investments in your name, and not carrying on a business): No need for ABN, or GST, regardless or earnings.
* Operating as a business(either sole proprietor, Trust, or company): Need ABN (regardless of income amount), need GST once over 50K, but can also register if income is below that amount.
Hope it helps…
David Femia
http://www.femiapropertygroup.com.au
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
January 3, 2005 - 6:32 am
Nice and clear… Thanks David.
Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au
FREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
Â© 2004 Mortgage Packaging Pty Ltd
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
January 3, 2005 - 1:27 pm
Just to clarify David’s point you are required to register for GST when your turnover is or you anticipate it exceeding $50,000 PA and is nothing to do with your income level.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au
There is no such thing as a problem.
Just a solution waiting to be found
Richard Taylor | Australia's leading private lender
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
January 3, 2005 - 2:01 pm
I tell you what, I have not got to GST yet, but studying Accounting is the most boring thing I have ever done!!!! All you accountants out there are ‘special’ people!
Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au
FREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
Â© 2004 Mortgage Packaging Pty Ltd