Did you know that you can lose your ABN?
The ATO will cancel your ABN if your business is no longer operating. Not keeping lodgments up to date is a key indication of this. So that they get it right, the ATO uses information from:
- your tax return
- other lodgments
- third party information.
What happens if the ATO cancels your ABN?
If the ATO cancels your ABN and you want to start your business again, or the ATO gets it wrong, you can reapply and get the same ABN back (as long as your business structure remains the same).
If the business structure is different – for example, you were a sole trader but your new business is a company – you will get a different ABN.
Tip! If you have changed your business structure, you’ll need to get a new ABN in these circumstances. ■
Ref: TaxWise Business November 2019