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Should your business have an ABN?

We do recommend in most case that your business has an ABN. Watch the below video to consider why.

For more information – chat with us live using our instant chat tools (bottom corners), book an appointment or call now on 1300-327123 (till late).

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Transcript:

Fast facts video
business asset protection
should you have an ABN?
this is a very very basic question?
should your business have an ABN?
but if you’re buying or selling at all once you get to $75,000 turnover you’ve absolutely got to have it
if you’re buying goods – there’s a very good chance and actually if you’re buying services as well there’s very good chance that you’ll be buying goods or services and include a GST component
so you will want to be registered for GST so that you can claim the input cost of those items
For example: if you buy this pen for $100 and you can and you sell it for $200 you claim $10 or actually $9.10 this pen costs $91.90 without GST and $100 with GST you then go and sell it for $200 you sell it for $181.80 plus 10% GST
so you’re collecting GST and your paying GST
by being registered for GST you get the inputs
now the bad news is that you also have to pay the GST but that’s why you want to have an ABN – so that you can claim all the inputs
another very very good reason is as your business grows you’ll want to borrow and without an ABN, without a record of all your dealings with the tax office
without more taxes paid
there’s very good chance that you won’t be able to get funds to accelerate and grow your business without an ABN, without a trading history, without bank statements and all the rest but certainly not without an ABN
so we highly recommend it we can give you links here on this page
you can subscribe to our videos by clicking the subscribe button down in the bottom right hand corner of the YouTube screen and
we hope to see you soon on another video thank you

For more information – chat with us live using our instant chat tools (bottom corners), book an appointment or call now on 1300-327123 (till late).