The New Tax System (introduced from 1 July 2000) included the concept of a single identification number for businesses.  All entities that carry on business should have an ABN.  Failure to quote your ABN could result in tax being withheld by business customers at the rate of 46.5%.  ABNs are recorded on the Australian Business Register and this can be used to check the details of an ABN.

You are entitled to apply for an ABN if you are:-

• A company registered under Corporations Law in Australia
• A government entity, or
• An entity that is carrying on an enterprise in Australia

Further ABN Information is available on the ATO website.

The Australian Securities and Investments Commission is the government body responsible for the regulation of the Corporations Act.

The ASIC maintains a database of all companies registered in Australia.  Each company has an Australian Company Number or ACN.  The ASIC database includes the names of the office holders (directors and secretaries) and the shareholders.  The ASIC confirms these details every year upon the anniversary of the formation of the company.  The company pays a fee to ASIC for lodging this Annual Company Statement.

Each company name must be unique and if you are contemplating the registration of a new company it is wise to check the National Names Index to ensure that the proposed name will be available.

Changes to company details that occur during the year also need to be lodged with ASIC, usually within one month of the change.  Late lodgement fees apply for failure to lodge documents on time.

Any entity (individual, partnership, trust or company) that carries on business under a name other their own name must register that name with the relevant State Government body.  In New South Wales this is the NSW Office of Fair Trading.  There is a fee for registering a business name and in NSW it is renewed every 3 years.  Please check the NSW Fair Trading Website for more information.  Other states have similar rules, but these should be checked if you intend to carry on business in more than one state.