The Australian Business Number (ABN)
All businesses should register for an ABN unless they complete an exemption form stating that they run their business as a hobby. An ABN is an eleven-digit number that will be used for dealings with the ATO (Australian Taxation Office) and other government agencies. Businesses not registered for GST without an ABN have 48.5% tax withheld from their payments. Go to Business Entry Point (ABN) - www.abr.business.gov.au
An ABN is required:
- For businesses
- For deductible gift recipients or income tax exempt charities
- For Self Managed Superannnuation Funds
Employment Forms
- All forms can be located quickly at Business Transactions - https://transactions.business.gov.au Go to Employer Essentials - ATO for all employment related forms and information.
- Tax File number declaration form. These forms can be found at the local newsagency or downloaded from the ATO - www.ato.gov.au/businesses.
- The TFN declaration should be completed as soon as possible (before the first pay). If this form isn't submitted you are obliged to deduct tax from the person's pay at a rate of 48.5%.
- The TFN declaration should be posted to the ATO within 14 days of the employee completing the form. Employee declarations should be locked away.
- Withholding declaration form. Claim for reduced tax rates by claiming Family Tax Benefit, and rebates in advance.
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