Do you know the difference between an ABN and ACN?
ACN is the abbreviation for Australian Company Number. ACN's are unique 9 digit numbers issued by ASIC to identify your company. All companies registered under the Commonwealth Corporations Act 2001 are issued an ACN. A company’s name and ACN must be displayed on all public documents.
ASIC must be notified of all changes to the company details within 28 days. A form will need to be lodged with ASIC to change the details and supporting documents such as minutes/resolutions will also need to be prepared.
If you are conducting business under a company structure you company will have an ABN, TFN and ACN.
ABN is the abbreviation of Australian Business Number and are essential for trading a business in Australia. An ABN has 11 unique digits and is used to identify your business to the community and government. Information relating to the ABN registration can be accessed on the ABN Lookup.
You should display your ABN on tax invoices to clients/customers. You must keep all details up to date and notify of any changes within 28 days. This includes details such as:
• change in the status of your GST registration; • address information; • business owner details; • contact information.
You can update your ABN details via the ABR website or ask your accountant to attend to this for you.
If you would like to establish a business, need further information or are seeking an ASIC Agent to manage your company's compliance, please feel welcome to contact us.
E: Qorporateservices@outlook.com P: 0426 611 004
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