All Topics / Finance / ABN renewal?

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of js2js2
    Member
    @js2
    Join Date: 2003
    Post Count: 758

    Noticed an ABN i applied for online has just turned three years old and a few days. Have i left it to late i heard i have to renew them every three years to keep it active?

    I rang ATO and the hold time was 40 minutes, hung up.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    I have never renewed any of my ABNs and it has been more than 3 years. I did have one cancelled because it hadn't been used though.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of js2js2
    Member
    @js2
    Join Date: 2003
    Post Count: 758

    It's one i haven't used but thought i would in the next year or so!

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,018

    Jaffa just tell them you intend to start using it shortly and they should hold off the cancellation.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    They will send you a letter before cancelling it and you can provide reasons why they shouldn't cancel.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of FletcherTaxFletcherTax
    Member
    @fletchertax
    Join Date: 2009
    Post Count: 31

    The ATO does not cancel ABN's on its own accord.

    If you have not used your ABN within 2 or 3 consequetive tax returns it will spark a letter asking if you are still using the ABN or not. If you do no reply to the letter within the certain timeframe – the ATO will then proceed to cancel it.

    Fletcher Tax Accountants
    http://www.fletchertaxaccountants.com.au

    Profile photo of js2js2
    Member
    @js2
    Join Date: 2003
    Post Count: 758

    Oh good. I'm not as concerned about it fading out now!

Viewing 7 posts - 1 through 7 (of 7 total)

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