Australian Business Number - ABN
When you incorporate a company, you will be issued with an ABN 11 Digit number.
Tax File Number - TFN
Your company will need its own Tax File Number (TFN) for tax purposes. You will be able to register for a TFN at the same time as registering for an ABN.
Goods and Services Tax - GST
You must register for Goods and Services Tax (GST) if you are turning over, or likely to turnover, more than $75,000 annually. This is calculated as your company’s gross income [total sales income], not your company’s profit. If you do not fit into this category, then registering for GST is optional. You will be able to register for GST at the same time as you are registering for an ABN.
Pay As You Go - PAYG
If you are an employer, you will need to register for Pay as you go (PAYG). This is because you have a legal requirement to keep a portion of payments made to your employees and other businesses and then make these payments to the Australian Tax Office (ATO).
WHAT THEY SAY
