Registering a company in Australia, do you know what ACN, ABN, TFN, GST and DIN are?

Running a business in Australia involves a variety of business numbers and tax identifiers, and it is important to understand these numbers and their uses. Here is an overview of the five most common business numbers for Australian companies:

1. Australian Company Number (ACN)

ACN is a 9-digit unique number provided by the Australian Securities and Investments Commission (ASIC) to identify a company nationwide. It is proof of the company's legality and is automatically obtained when the company is created.

2. Australian Business Number (ABN)

An ABN is an 11-digit number that identifies a business. A business needs an ABN to issue invoices and transact with suppliers. The ABN is used to authenticate business transactions and interact with government agencies such as the tax office.

3. Australian Tax File Number (TFN)

A TFN is a unique tax identifier for an individual or business. Individuals need a TFN to work legally in Australia, and businesses also need a TFN. A TFN is used for all interactions with the Australian Taxation Office (ATO), including filing tax returns and paying tax.

4. Australian Director Number (DIN)

DIN is a unique identifier for a director. Company directors need to obtain a DIN before becoming a director to meet company registration requirements. DIN is used to track the history and responsibilities of directors, ensuring transparency and accountability in corporate governance.

5. Australian Goods and Services Tax (GST)

GST is a sales tax that applies to most goods and services sold or consumed in Australia. The standard rate is 10%. If your business's annual sales exceed a certain threshold (for example AUD 75,000), you need to register with the ATO as a GST taxable entity.

GST taxable entities are required to file GST returns at a prescribed frequency (e.g. quarterly) and pay the ATO the GST collected, less any GST that can be claimed. GST provides a source of revenue for the Australian Government, which is used to fund a variety of public services and infrastructure.

The relationship between these numbers

• The ACN is a unique identifier for a company, while the ABN is a tax identifier for a business.
• A TFN is a tax identifier for an individual or business, while a DIN is a unique identifier for a director.
• GST is a sales tax applicable on goods and services and has nothing to do with other numbers.

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Understanding these business numbers and their use is essential to running a business in Australia. These numbers are used to identify the company, verify transactions, lodge tax returns and comply with government regulations. Failure to use these numbers correctly may result in fines or other penalties.

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