What is an ABN?
An ABN (Australian Business Number) is a unique 11 digit number that allows the government to recognise your business.
Who needs an ABN?
If you are a freelancer or do any extra work on the side of your normal day job then you will need to provide an ABN on your invoice in order to be paid. If you don’t have an ABN then for any payments over $75 AUD the company pays you is legally bound to withhold 47% of the invoice as tax which you won’t get to see again until you submit your tex return. Ouch.
You will also need an ABN if you are planning to register a website domain name with an extension that ends in ‘.au’, for your business such as a blog or an online portfolio.
Does it cost to apply?
It is free to apply for an ABN.
How do I get an ABN?
What type of business structure should I apply for?
There are multiple business structures to select from in your application and the majority of freelancers will fall under Individual/Sole trader. Other options include partnership, company or trust, to find out which is right for you at the ATO website. It is important to select the right structure as it will determine how much tax and any ongoing costs you may need to pay.
How do I update my ABN on the Vamp app?
In order to Create an Invoice 💸 on the Vamp app you'll need to update your Payment details. You can find these at any time via your profile pic icon on the top left hand corner of the app screen.
Simply update the Trading type to ABN and Trading number to your Australian Business Number.
I'm still not sure this applies to me
If you require further financial advice we recommend you speak to an accredited Financial Advisor or Accountant to help assist you.
Did we answer your question 😎? Or are you still a bit 🤯?
Ain't no mountain high enough when it comes to helping you. ⛰️
Where you can go from here:
- Did we help? Let us know if the article helped you by voting Yes or No below.
- Comment on the article. Sharing is caring, share your thoughts and questions.
- Speak to our team. If you need one-to-one help your friendly neighbourhood Vamperman (or woman) is here. Just send a support ticket.
- Suggest a feature. Your wish is my command. 🧞If there's something you'd like the app to do, let us know by suggesting or voting on a feature.
- Ask the community. Speak to thousands of influencers in the Vamp community by joining the general discussion. #communitynotcompetition.