Changes to Australian Business Number (ABN) registration compliance
As part of the government’s intention to “strengthen” the ABN system, Treasury has released
draft legislation to imposing new compliance obligations for ABN holders to retain their
ABN.
.
The proposes two new grounds under which the Registrar of the Australian Business
Register may cancel an Australian Business Number.
The first proposed changes would allow the Australian Business Register to cancel a person’s
ABN if they haven’t lodged their required income tax returns for two or more income years
where the period for lodgement has ended. The un-lodged returns do not need to be
consecutive income years.
This ground for cancellation would apply for failures to lodge tax returns beginning with
income years commencing on 1 July 2022, so the earliest the Registrar could cancel an ABN
would be in the second half of 2024, if the ABN-holder failed to lodge tax returns for the
income years beginning on 1 July 2022 and 1 July 2023.
The other proposed changes would also allow the Registrar to cancel an ABN if the holder
hadn’t given a notification within the past 12 months that they still require the ABN and that
the information on the Register is current and correct. This power would be available to the
Registrar after 1 July 2024.
In effect, this would likely require ABN holders to check their ABN details and notify the
Registrar at least once in the period between the commencement of these provisions and
1 July 2024, and then at least once annually.
Acctweb
Hot Issues
- 2024 Year End Tax Planning Guide (Part 1)
- Medicare levy surcharge OR basic health insurance ?
- ATO warns of ‘serious penalties’ for unlawful tax scheme promoters
- ACCC scam report
- Employees taking more sick days - and it's getting worse
- Foreign residents selling property in Australia
- How much does negative gearing really cost – an overview and an opinion?
- The Shortest-reigning Monarchs in History
- FBT Reminder – Odometer Reading
- ATO’s debts on hold campaign prompts new IGTO guidance
- A comprehensive collection of small business benchmarks
- The 2025 Financial Year tax & super changes you need to know!
- Underperforming employees: When can you terminate?
- A comprehensive list of guides to industry specific tax deductions.
- ‘Renewed concerns’ about economy sees consumer sentiment dip: Westpac
- Oldest Buildings in the World.
- Small businesses may ‘collapse under strain of payday super’, IPA warns
- ATO’s hands tied with scrapping on-hold debts, expert says
- What Drives Your Business Growth and Profits?
- Australian Taxation Office (ATO) shifting to firmer debt collection activity
- Why employee v contractor comes down to fine print
- Sharing economy reporting regime for platform operators
- Countries producing the most solar power by gigawatt hours
- Illegal access nets $637 million
- Accessing superannuation benefits.
- Does your business have a company Power of Attorney?
- Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
- GrantConnect
- 2 in 3 SMEs benefit from instant asset write-off, survey reveals
- Updated guidance on R&D claims
- Do you know how to recover debts?
- Vimeo test
Article archive
- January - March 2024
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
- January - March 2015
- October - December 2014
January - March 2023 archive
- Capital gains tax
- Using your business money and assets for private purposes
- Comparison: How Long It Takes To Decompose?
- Details of tax calculation for $3m threshold a 'mixed blessing
- Sharing economy reporting regime commences soon
- Later retirement takes oldies back to living in ’70s
- Changes to working from home deduction - started 1 Jul 2022
- Accountants face client backlash over blizzard of tax changes
- ATO figures reveal final 2022 DPN tally
- Residential rental properties
- Did you pay your superannuation guarantee payment late?
- Five new year’s tax resolutions
- ATO issues fresh warning on illegal early access schemes
- Looming changes for the “buy now, pay later” market
- Changes to Australian Business Number (ABN) registration compliance
- 100 Most Influential people in the world.
- How crypto assets can trigger CGT tripwires
- ATO targets dodgy deductions for holiday homes
- Tips for small business owners
- About the working from home safety and wellbeing checklist
- Countries with the highest GDP per capita between 1800-2040
- Downsizer age reduction now in force
- Raids stop $33m in tax avoidance, ATO claims
- 100A ruling leaves trust decisions haunted by ‘uncertainty’
02 4961 7300
What our clients say about us