KEEPING ABN DETAILS UP TO DATE
The ATO is finding that businesses tend to forget to update their ABN details in the ABR when their circumstances or details change. You can reduce unnecessary contact from the ATO by doing the following:
- Check ABNs are still in use - many partnership and trust ABNs are not in operation, or their business structures have changed. If your business is no longer in operation, cancel your ABN and if your business structure has changed, cancel the ABN for the old structure before you apply for a new one.
- Check the authorised contact details - sole authorised contacts cannot be removed from the ABR, but you can update contact details. If you are the sole authorised contact, your details can only be removed once a new contact is added. The ATO recommends that you add alternative contacts to your ABN.
REGISTER TRADING NAMES WITH ASIC
By 31 October 2018, businesses will need to register any existing or old trading names as a business name with ASIC, to continue operating with it. ABN Lookup will reflect these changes and will only display business names registered with ASIC from this date.