Everything you need to know to make the right decision for your business
ABN versus ACN
So, what’s the big difference between an ABN and an ACN (apart from ‘B’ & ‘C’, of course) and which should you use in your contract?
Well, consider your curiosities over because I’m going to tell you In one minute or less.
Oh, before I get started, a quick introduction…I’m Simon from the Contract Company—Australia’s trusted legal contract experts.
So, back to the question at hand: what is the difference between an ABN and an ACN?
An ACN is referred to as an Australian Company Number, and it’s issued by ASIC. Every single company that’s registered in Australia is issued an ACN. It’s used as an official company identifier.
So, what does that mean, you say?
Well, once you launch a company, you can change its name as often as you like, subject to paying the appropriate ASIC fee, and adhering to the suitable red tape processes. But the ACN number itself never changes. It’s set in stone from day one. In a nutshell, an ACN is a number issued by ASIC for companies. Onto ABNs…
An ABN is referred to as an Australian Business Number, and it’s typically issued by the tax office. ABNs are only issued to entities that have to register for Goods and Services Tax (GST), those that turn over more than 75,000 dollar per annum. And, that’s an ABN is in a nutshell
Get Advice From Australia’s Trusted Contract Experts
So, what number should you put on your contract? Well, as a general rule of thumb, if the other party or yourselves are a company, you should add the ACN to your contracts.
If you or the other party operate as an individual or some sort of trust structure, then you should go with the ABN number.
Knowing what to add to your contracts and how to approach legal matters from a business perspective can prove tricky—but we can help.
Why you should choose The Contract Company…
- We are 100% trained, fully certified contract experts with many years of experience. We’ve handled literally thousands of contracts.
- We are completely professional and diligent yet friendly, approachable and eager to help.
- We can handle thousands of different contract styles or types. Our national service is incredibly extensive.
- Our prices are competitive and tailored to your personal needs. We also boast a money-back guaranteed if you’re not happy with our service.
So, if you need help with any business contracts, or ACN and ABNs, we can help, and our service is Australia-wide. For a FREE consultation, contact Simon at contractcompany.au or 1-800-355-455. I look forward to helping you.