Do i still need an ABN if I already have an ACN, what's the difference between the two?

Question

Do i still need an ABN if I already have an ACN, what's the difference between the two?

Answer 1

To get an ACN you must have a registered company. It allows ASIC to monitor these companies and also gives them a unique identity code within the structure of Corporations Law in Australia. A company has different legal, financial and record keeping responsibilities compared to other structures. This is quite different to most small businesses.



Any entity trading as a business must have an ABN and this must appear on any invoices, and it is used for tax purposes. If you are trading as a business you must apply to the ATO for an ABN. Your ACN will form part of the ABN.



http://www.business.gov.au/registration-and-licences/Pages/default.aspx