ASIC Business Name and ABN registrations: If you’re starting up a new business and/or re-branding, we can help you lock in your new business name and get yourself an ABN so you can start making the big bucks. It takes time to reserve a business name through ASIC so we can do that for you. We can also help you or your sub-contractor register for an ABN if that’s what you need.
Put simply, an ABN ( Australian Business Number ) is a unique number of eleven digits that identifies your business to the government and to a lesser degree, the community. Whilst an ABN is not and nor does it replace, your Tax File Number, it is used for a number of tax purposes. You need an ABN number in order to apply for a Business Name. It’s not binding or compulsory to have an Australian Business Number, but there are several very good reasons to have one.
If you don’t have an ABN, other businesses you deal with are required by law to withhold tax from any payments they make to you. Not only are they required to withhold tax from your payments, it is a forty-seven percent tax withholding. That is steep and your business won’t appreciate it. The same applies for any contractors who work with you. If they do not have an ABN, you are legally required to withhold forty-seven percent tax from their payment. Therefore we do advise that if you or your contractor does not have an ABN, it’s time to rethink. Tradie Bookkeeping Specialists can help you by completing this process for you.
Once you have your ABN we can then begin the process of applying for a Business name for you. Your business name is the name or title under which you conduct a business. There are some exceptions which do not require you to have a Business Name, which we can advise you on. Registering a Business Name does not mean that you own that name, you simply have the right to use the name. If you wish to prevent other people from using your Business Name and you wish to own it, the only way to have exclusive rights to your business name is to register it as a trade mark. There are specialists we can connect you with if you decide to go this far.