Over the next few months, the ATO will be focussing on its bulk Australian Business Number (ABN) cancellation program. This is being done to ensure the integrity of the Australian Business Register.
The ATO will look for ABN holders who:
- Have stopped reporting business income or expenses
- Do not provide any indications that they may be in a business
Taxpayers who are renting out property or are receiving income elsewhere, will be excluded by the ATO.
If your ABN is cancelled and you need it for the future, you can easily reapply and will be issued with the same ABN provided the business structure is the same.
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
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.gov.au/ABN-apply or contact our office.
