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cah412

ABN - is it the same as the Business Number?

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cah412

I have received my 'Certificate of the Registration of a Business Name' and it has a Business Number on it. Is this the same as an ABN or do I have to apply for it separately? If so, how?

 

Also there is probably no chance of earning much money, it's more of a hobby and will probably be targeted mainly to family and friends, but thought I'd do the right thing and register the name. Do I also need to do anything tax wise, like BAS statements, etc, etc?

 

Is there a program like MYOB to do invoices and receipts etc but on a cheaper scale? I've seen MYOB in Harvey Norman for around $300.

 

 

TIA

 

Cass

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Jembo
have received my 'Certificate of the Registration of a Business Name' and it has a Business Number on it. Is this the same as an ABN or do I have to apply for it separately? If so, how?

 

You can apply for an ABN here https://abr.gov.au/abrweb/default.aspx?pid=...amp;cookie=true

 

Do I also need to do anything tax wise, like BAS statements, etc, etc?

Need to be registered for GST if earning over $75K. Need to weigh up though how much GST you will pay and things you could claim to see if it is worth it for under - for some businesses it is. If not charging GST there are some things you need to do with regards to invoices/receipts etc. An accountant can tell you what exactly.

 

Is there a program like MYOB to do invoices and receipts etc but on a cheaper scale? I've seen MYOB in Harvey Norman for around $300.

 

The Tax Department have a free download you can use. Or you can set yourself up some basic forms in excel such as invoices, receipts. Then you can set up some tables for basic accounting. This is how I began before purchasing MYOB.

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