WHAT IS ABN? HOW TO CREATE AN ABN AS AN INTERNATIONAL STUDENT? IS IT REALLY BENEFICIAL OR NOT?

What is an ABN?

The ABN-Australian Business Number is a unique 11-digit identifier issued by the Australian Business Register (ABR). It is operated by the Australian Taxation Office (ATO). The ABN was introduced on July 1, 2000 by John Howard’s Liberal government.

Are applications for an ABN open for international students?

Yes, international students can apply for an ABN in Australia. If you are an international student, by getting a Australian business number, your chances to get a job will be enhanced.

How much does an ABN cost?

It is totally free to get an ABN from the Australian Business Register (ABR). If you hire a good accountant to do this for you, the accountant may charge you a fee for his services.

Obtaining an ABN online is really simple, even for international students.

Advantages and dis-advantages of an ABN:

If you’re considering to work on ABN, keep in mind that it has both pros and downsides. We’ll go through each of them in more depth below:

ADVANTAGES

  • Create your own business and take control of your own brand.
  • Get the gasoline and energy grant tax credits.
  • After the completion of the first financial year, you may deduct taxes from your earnings.
  • The Australian Taxation Office (ATO) can help you register for GST.

DIS-ADVANTAGES

  • Workers’ compensation does not cover your injuries.
  • You’ll need to keep track of all of your company and service-related payments.
  • Additionally, you are legally and financially accountable for the whole company, which means that your personal assets are at stake if there is any debt or liabilities.

ABN Application Step by Step process

Today, we’ll explain how to fill out the application as a sole trader or self-employed person, which is the scenario for most international students.

Read everything carefully on the ATO’s website to make sure you send in the right information.

STEP-1

Click on Apply or reapply for an ABN button

STEP-2:

Click on the highlighted box and the press Next button.

STEP-3:

After that click on Individual (Sole trader) and then press yes and then again press yes. After that select In the form of a business from the options and then again select yes. After that click on next in the right.

STEP-4:

Review your fillings and selections again and then press next.

STEP-5:

Select No as you have an ABN already. After that press yes and then press other two buttons according to your situation. If you have a TFN number press yes otherwise no. And click next.

STEP-6:

Select yes and again press next button.

STEP-7:

Enter your details and click on next button.

STEP-8:

1st. Select the dates accordingly. 2nd) Write your main business name. 3rd) Select the category. And then press next.

STEP-9:

Enter your address and other details carefully. Then, press next.

STEP-10:

Fill out your all details here and then press next.

STEP-11:

Select the options according to your situation and then press next.

STEP-12:

Read the declaration carefully and press submit.

Congratulation, Your application after doing this will be submitted successfully.

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