All Topics / The Treasure Chest / more information regarding ABN

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of mauriciomauricio
    Participant
    @mauricio
    Join Date: 2003
    Post Count: 23
    August 12, 2003 - 7:13 am

    Can you provide some more information regarding ABN’s? What are the advantages etc.

    Thanks

    Profile photo of truebluetrueblue
    Member
    @trueblue
    Join Date: 2003
    Post Count: 142
    August 12, 2003 - 8:45 am

    Basically an ABN allows you to collect GST & claim your inoput credit. Only of use if you have a commercial property. Not much use if you have a residential property.

    For more info, visit the ATO site.

    Profile photo of Elysium-MElysium-M
    Member
    @elysium-m
    Join Date: 2003
    Post Count: 259
    August 12, 2003 - 9:15 am

    If you’re running a business, and you don’t have an ABN, I think that the customer is required under tax law to withhold some money (10% or 48.5%?) and remit it to the ATO.

    I’m not sure though – maybe a tax accountant on the forum can help.

    trueblue – I’m not sure if you can claim input tax credits with merely an ABN, unless you’re also registered for GST.

    That’s the other thing – you can get an ABN without being registered for GST. However, if you register for GST, you have to have an ABN – in fact, they’ll give you one.

    Cheers
    M

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598
    August 12, 2003 - 9:24 am

    Some lenders use the existance of an ABN as support that you are actually self employed (especially when applying for low doc loans).

    Cheers

    Stu

    Property & Finance News
    at http://www.prosolution.com.au

Viewing 4 posts - 1 through 4 (of 4 total)

The topic ‘more information regarding ABN’ is closed to new replies.