There are many questions that must be asked when creating a new company, and it is not hard to understand why; there are many intriciate processes in starting up a new business or company. One of the biggest questions on company owners minds is whether or not you need to have an ACN as well as an ABN. An ABN is very different to an ACN and has different implications; for example, an ABN is required for a business not a company and is separate to ASIC. In fact, most people aren’t actually aware that an ABN is provided by the Australian Business Register not by the Australian Securities and Investment Commission (ASIC) like an ACN is. This article seeks to outline the differences between an ACN and an ABN, and the circumstances in which an ABN would be required. It also discusses the significance of displaying either your ACN or ABN for legal reasons, and how they may affect you and your company. Read more here
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