Institute of Certified Bookkeepers

Is it time that you updated your details?

Evidence of carrying out an enterprise

Specific activities indicate that you are engaging in a business; and this entitles you to retain an ABN:

  • If commencing a new business, consider the following, have you taken a structured approach to business planning, and risk management, for example buying inventory and other business like decisions.
  • Are you operating to make a return and maintaining records. Do you keep organised records and operate in a regular and consistent manner?
  • Are you a business or merely an employee
  • When completing your income tax return, ensure that you declare income at the business labels correctly.
  • Remember to lodge your business activity statements (BAS).
  • Don't forget to update or cancel your ABN to reflect changes in your enterprise.

Failure of one or more of these may be the reason behind your ABN cancellation. The ABR will issue a letter outlining the reasons for deregistration. Alternatively, you can review your status at the ABN Lookup to make sure.

Updating or cancelling your ABN

You have a responsibility to keep your ABN details up to date. You can update your details online or by contacting the ABR. If your business structure changes you may need to cancel your ABN.

  • Update your ABN details
    It is important to update your information within 28 days of becoming aware of any changes to your ABN details.
  • Cancel your ABN
    If you are no longer entitled to an Australian business number (ABN), it is important that you cancel it.
  • Changing your business structure
    If your business structure changes you may need to cancel your ABN and apply for a new one.
  • 19th October, 2018