Why Your ABN May Be Cancelled
If you have an ABN and haven’t lodged an activity statement or reported income on the business labels on your tax return for more than two years, then your ABN may be cancelled.
The Australian Business Register (ABR) regularly checks ABN records and automatically cancels them if they appear to be inactive. At the end of March, the ABR will run another check for inactive ABNs and cancel those that haven’t been used in more than two years.
How To Avoid Cancellation
You need to ensure your lodgements are up to date. Regardless of income, you need to lodge the following:
- Individual tax return including the supplementary section
- Business and professional items schedule for individuals
If your circumstances have changed, then you should consider whether you need to cancel your ABN.
If your ABN is cancelled then you are still required to lodge any outstanding tax returns and activity statements a.s.a.p.
Keep Your Details Up To Date
It is important to keep your ABN details up to date so that other businesses can access and verify your information e.g. if you are registered for GST and if you’re operating a business
How to Reapply for an ABN
Reapplying is easy, Go to ABR Website or contact our office.
