Home – New Forums Starting your journey Should I get an ABN?

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  • #984394
    IDM consultant
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    My first post !

    I have been successful in being included on a Standing Offer in relation to providing individual contract services to the government for international aid work.

    This is likely to be my only income in Australian apart from various financial investments – and of course, there may be plenty of work or none ! As such, I cannot be sure what percent of income may come from this government agency.

    I have spent hours on ATO and ABR websites and it is not clear whether I am entitled or not to an ABN, nor is there much clarity on the pros and cons.

    Any advice would be welcomed.

    #1147409
    Kennethti
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    Long story short: You probably need an ABN.

    Long story made shorter: Talk to your accountant.

    http://help.abr.gov.au/IC/Supporting_Information/Field_Level_Help/Is_the_entity_entitled_to_an_ABN_/

    #1147410
    Chris – Marketing
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    Yeah Ditto to Kennethti.
    What you need to do is register for an ABN. You need to have an estimate of your turnover for the year. If you anticipate that you will earn less that $75000.00 for the financial year then you do not need to register for GST. You can change this at any stage if you believe your turnover will surpass $75000.00. Your income is derived from your turnover less your expenses ( Like: telephone, car expenses, internet, stationary, sub contractors etc.) this decides which tax bracket you fall into and how much income tax you pay ( just to be clear GST has nothing to do with income tax – separate obligations). So it is for this reason to ensure that you claim all which you are entitled to it is important to see an accountant, set up your business structure with correct systems & procedures, this will eliminate stress and allow you to do what you do best which makes money.
    Best of luck.

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