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Effective 1 July 2016 the Australian Federal Treasury will make the Australian Business Number (ABN) the single numerical identifier for companies registered under the Corporations Act 2001. Under the current scheme, businesses receive multiple identifiers for use with different agencies and for different types of business activities. The change forms part of the Federal Government’s Growing Jobs and Small Business package which aims to encourage business start-ups by simplifying the process to register a new business. Tax laws will also be amended to take into account these identifier changes.
If you intend to set up an Australian company, or currently have an Australian company and need to know how to meet the new identifier requirements, contact an attorney at an Ally Law firm to guide you through the process. Attorneys at Ally Law firms around the world are experienced in each jurisdiction’s specific business set up and registration requirements and will help you determine and employ the most advantageous business set up for your company. For more information about our services in this area, contact us at yourally@ally-law.com.
By Russell Kennedy.
