ABN and Business Name Legal requirement for WL

[Kylie Middleton]

Hi Ladies, Mary-Anne and I have been doing a bit of research into legal requirements regarding our contractor-type position at Langtrees. It is a legal requirement for us to have an Australian business number and business name. It's super easy to get one and costs $34 a year so it's well worth getting one sorted to stay squeaky clean legally

 

[Dallas]

Thanks for the post Kelly, just my info on this, I'm not sure I'm right but I didn't think it was a legal requirement and I thought not having one just affects your tax rates if you deal with other businesses that do.. but I may be wrong though.

The link is broken, so taken down.

Also I am fairly sure though that even if you aren't trading, as soon as you get an ABN you are required to lodge activity statements with the ATO on a regular basis or you can be penalised for late lodgement. A penalty for late lodgement can be refunded in some cases but it just means you have to be organised with them like any business operator. So if you do apply for an ABN online, my advice is to find out about your activity statement requirements.

Sorry to impose on your thread, I'll go and play with the others now

 

[Kylie Middleton]

Lol no Dallas it looks like you're right, thank you I assumed you needed to do all of that before you could pay tax, and it's obviously a requirement to pay tax but I'm more than happy to be corrected!

 

[johnlou]

Dallas you are correct but you can opt for a 1 x12 month activity statement , and also if you do not claim GST in the 3 x monthly statements , all you do is 0 the questions and post it in

 

[Dallas]

This has turned out to be a great thread, thanks for the info @Kelly Malcom and @johnlou

 

[tattooed]

The activity statements are only required if you are either registered for gst (which is compulsory if your turnover is greater than $75k) or payg installments..