If you are carrying on a business, then you should have an ABN.

Even if you carry on a number of different business activities, you only have one ABN.

An ABN can be applied for online www.abr.gov.au

You will need to also register for GST when your gross income for the next twelve months is expected to exceed $75000 for a taxpaying entity, and $150000 for a not-for-profit entity.

You may register for GST when you apply for an ABN, or you may add GST registration at a later date. When you apply you can choose to account for GST on a cash or accruals basis (you should align the GST reporting basis with your accounting and taxation reporting bases), and choose to report on a monthly, quarterly, or annual basis. We usually recommend reporting on a quarterly basis, and on the basis of actual GST, rather than accepting the installment option.

Once you are registered for GST (and only when you are registered) one-eleventh of your income will be GST and payable to the ATO. The amount payable will be reduced by the amount of GST that you have paid to your suppliers. For taxpayers, the amount of GST claimed back must be reduced by any proportion of the expense that will be for non-business purposes, such as the private use of a business claimed vehicle.

When would you register for GST?

When your income exceeds the threshold, or when the benefit of getting back the GST paid to suppliers exceeds the cost – which might be the effect of adding 10% to your prices, or losing one-eleventh of your income.