Institute of Certified Bookkeepers

In a sensible and smart announcement this week, the Australian government have announced that:

Trading Names will continue to be displayed on the ABN Lookup system until 2023.

The ABN Lookup service was going to stop showing (unregistered) Trading Names next month (November 2018), however this move would create a number of problems. 

In particular one impact is the ability for a company to claim back GST input credits depends on receiving a valid tax invoice from a valid GST registered supplier. The only way to check the validity of the supplier is ABN Lookup (or related services in software).  Many businesses such as Trustee companies for trading trusts, have been unable to show the correct legal entity name XYZ Pty Ltd with the aligned ABN becuase the correctly GST registered ABN belongs to the trust.   By Putting the Trustee name in the trading names fields the names can be easily seen on ABN lookup and the invoice doesnt have to be so complicated.

The new Modernising Business Registers project will surpass the way ABN lookup and the associated registers work allowing a bettter system for ease of business verification.

ICB members appreciate the government listening and addressing our concerns.

Arguably best practice is still that each business using an Unregistered Trading Name should register a Business Name.

Ministers Announcement

Business.gov.au explanation of Trading Names & Business Names

ABN Lookup service

 

  • 25 October 2018
loading