ABN numbers

Viewing 8 posts - 1 through 8 (of 8 total)

steve3556
Member
@steve3556
Join Date: 2004
Post Count: 40
November 6, 2004 - 7:05 am
Hello All
I am trying to get a trade account at the local hardware and they tell me l need a business card with an ABN number.
Am l risking the wrath of the Tax Trolls for trying to swing a 20% discount on reno materials??
Steve
diclem
Member
@diclem
Join Date: 2003
Post Count: 537
November 6, 2004 - 8:32 am
Hi Steve,
20% discount sounds pretty good…I have an ABN and I sure don’t get that kind of discount!
You may find that if you frequent the same store often, you can haggle them for a discount. Get a quote from another business and ask them to better it…..
If you’re planning to do a few renos you might want to get an ABN anyway, as you may need to register for GST…..
Anyway, good luck with it all,
Sue [biggrin]
“Be careful not to step on the flowers when you’re reaching for the stars”
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
November 8, 2004 - 4:16 am
Anyone can apply for an ABN over the internet. It is very easy to do and only takes 10 min. see http://www.abr.business.gov.au/(lhwlkv45qmulu4zxxlmp0mee)/content.aspx?page=abnapplication
Terryw
Discover Home Loans
Mortgage Broker
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
steve3556
Member
@steve3556
Join Date: 2004
Post Count: 40
November 9, 2004 - 11:29 am
Thanks guys, I will dial up the ATO now
Steve
maximus
Member
@maximus
Join Date: 2003
Post Count: 189
March 16, 2005 - 5:03 am
Realize this is an old thread, please excuse.
Was talking to someone recently (also interested in property investing) who mentioned to me that they were advised by a mortgage broker to get an ABN to tie in with their property investing. I was having a think and was wondering what the benefits are (also negatives). Can it help future loan applications?Do you need to actually register a business name when applying? Any info appreciated
woodsman
Member
@woodsman
Join Date: 2004
Post Count: 714
March 16, 2005 - 6:00 am
Maximus,
I think they might be referring to low-doc loans, which require an ABN
https://www.propertyinvesting.com/forum/topic/6467.html?SearchTerms=low-doc,and,ABN
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
March 16, 2005 - 6:54 am
Yes, having held an ABN for 2 years or more will help greatly in obtaining a low doc loan.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Redhaven
Member
@redhaven
Join Date: 2004
Post Count: 81
March 16, 2005 - 12:33 pm
You amaze me Terry with what you know. I am sure others think the same as I do!
Redhaven.
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)