What is an ABN?
The ABN-Australian Business Number is a unique 11-digit identifier issued by the Australian Business Register (ABR). It is operated by the Australian Taxation Office (ATO). The ABN was introduced on July 1, 2000 by John Howard’s Liberal government.
Are applications for an ABN open for international students?
Yes, international students can apply for an ABN in Australia. If you are an international student, by getting a Australian business number, your chances to get a job will be enhanced.
How much does an ABN cost?
It is totally free to get an ABN from the Australian Business Register (ABR). If you hire a good accountant to do this for you, the accountant may charge you a fee for his services.
Obtaining an ABN online is really simple, even for international students.
Advantages and dis-advantages of an ABN:
If you’re considering to work on ABN, keep in mind that it has both pros and downsides. We’ll go through each of them in more depth below:
ADVANTAGES
- Create your own business and take control of your own brand.
- Get the gasoline and energy grant tax credits.
- After the completion of the first financial year, you may deduct taxes from your earnings.
- The Australian Taxation Office (ATO) can help you register for GST.
DIS-ADVANTAGES
- Workers’ compensation does not cover your injuries.
- You’ll need to keep track of all of your company and service-related payments.
- Additionally, you are legally and financially accountable for the whole company, which means that your personal assets are at stake if there is any debt or liabilities.
ABN Application Step by Step process
Today, we’ll explain how to fill out the application as a sole trader or self-employed person, which is the scenario for most international students.
Read everything carefully on the ATO’s website to make sure you send in the right information.
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Congratulation, Your application after doing this will be submitted successfully.
