- in order to register a business name;
- to register for GST (which you are normally required to do if you have a turnover exceeding $75,000 a year); and
- in order to have invoices paid without tax being withheld by the payer.
Hi, based on the limited facts provided there may be a cause of action for oppression of shareholders under Part 2F.1 of theCorporations Act 2001. The remedies available are outlined in section 233 which include a winding up order or an order for the purchase of shares by certain persons/members of the company. Other remedies may also be available subject to further information.
I note that this is not an advice and is not to be relied upon. If you wish to contact me regarding the issue please be in contact. I have experience as a Barrister in this area and specifically on this point of law.
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An ABN (Australian Business Number) is a unique identifying number issued to businesses in Australia. You can obtain an ABN if you are "carrying on an enterprise" in Australia.
If you send someone an invoice but do not supply an ABN then they are usually required to withhold tax from the payment to you. The amount they withhold is normally about half of the invoice amount.
The tax office provides a good overview of what constitutes carrying on an enterprisefor the purpose of getting an ABN. Normally if you are carrying on an enterprise you should get an ABN.
Your ABN is published together with your legal name and postcode on the Australian Business Register. You need an ABN:
Your ABN should be placed on most business documents, for example contracts, invoices and receipts.