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Can A Business Owner Have Multiple ABN Numbers?
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Do you own a business and would like to start a new one to increase your overall income?
After all, that's how many successful business owners operate.
They own multiple businesses in order to multiply their income streams and, therefore, their overall revenue.
And if that's your plan, you might be wondering whether you can apply for a separate ABN for each new business you set up or if you need to register each company under your existing ABN.
This post will briefly touch on what an ABN is and how to apply for one before answering this crucial question.
What's An ABN?
ABN is short for Australian Business Number. It refers to a unique set of eleven digits used to identify a business during business transactions. Anyone who runs a business in Australia needs to have an ABN. Also, you'll need an ABN if you want to register a business name or open a business bank account, amongst other things.
Once you've been issued your ABN, your company will show in the ABN lookup, and some of your information will become publicly accessible.
Check out the ATO website for more information.
How To Apply For An ABN?
You can apply for an ABN on the Australian Business Register.
When applying, make sure you have the information below readily available:
- Tax File Number (TFN)
- Entity legal name
- Business contact details
- The date you're planning to start your business
- Business activity
- Business associates' details
Note that if your application is successful, a letter with your ABN number will be issued within 14 days after you've applied.
Can You Have Multiple ABNs?
You can have multiple businesses registered under the same ABN if they operate under the same structure. For instance, let's imagine you have a shop selling baby clothes called "Only For Babies". You're currently registered as a sole trader, and you have an ABN registered with your business name. If you wanted to open a store selling women's clothes as a sole trader, you could use the same ABN to register it.
However, if you wanted to use a company or partnership business structure for your new shop, you'd need to apply for a separate ABN. In short, you can't use the same ABN to run businesses with different legal structures. That's because each company will be taxed differently and needs a separate ABN.Â
Therefore, you can have multiple ABNs for multiple businesses operating under different business structures.
Check out this article that explains a little more about when and why having multiple ABN numbers can occur from a legal perspective.
Insuring Your New Business
If you've reached a point where you're ready to start a new business venture, don't forget to insure your new company. Choosing the right insurance policy can help protect your business, employees, clients, and income. And to find the best insurance cover for your business needs, use our free instant quote generator where you can get an estimate on market-leading insurance tailored to your needs in seconds. Simply enter your occupation and expected revenue to get started.
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