ABN & TFN: Operate using your individual Tax File Number (TFN) and obtain an Australian Business Number (ABN) for all business activities and invoicing.
GST: Register if your GST turnover reaches AUD $75,000 or if you expect to reach that amount within the first year. Taxi and ride‑sourcing businesses must register from the first dollar.
BAS & PAYG: If registered for GST or Pay As You Go (PAYG), you may need to lodge Business Activity Statements and make PAYG instalments.
Record‑keeping & Super: Keep records for at least five years. If you employ staff, meet superannuation obligations. Personal super contributions are optional but can be tax‑deductible if reported correctly.
One ABN, Many Services
You can run multiple business activities under a single ABN as long as the structure remains the same (e.g., all as a sole trader). Keep accurate, separate financial records for each activity, and combine income and expenses when lodging your tax return.
Tips:
- Register additional trading names through ASIC if needed.
- Monitor combined GST turnover across all activities to ensure compliance with the AUD $75,000 threshold.
Not Earning AUD $75,000? GST Registration Rules
GST registration is mandatory when your GST turnover (gross income excluding GST) is AUD $75,000 or more in any 12‑month period, or if you expect to reach that amount. Non‑profits have a AUD $150,000 threshold. If you don’t meet the threshold, registration is optional. If unregistered, do not charge GST and issue invoices with your ABN stating “No GST applicable.”
Special case: Taxi and ride‑sourcing businesses must register regardless of turnover.
Reactivating Your ABN — Starting Fresh from 1 July
If your ABN was cancelled, you can re‑apply through the Australian Business Register. When restarting, set the effective start date to the day you recommence trading—many choose 1 July for clarity at the start of the financial year. Ensure your business structure is unchanged; otherwise, apply for a new ABN.
Checklist:
- Confirm ABN status via ABN Lookup.
- Update business details within 28 days of any changes.
- Re‑register with ASIC first if a company was deregistered.
Need Help?
Getting the details right—from ABN settings to GST timing and BAS lodgments—protects your cash flow and avoids penalties. Contact I DO TAX to make compliance simple and stress‑free. Let our experienced team handle your registrations, monitor your GST thresholds, and lodge accurately under Australian taxation law.