Do I need an ABN to do contract paraplanning?
Do I need an ABN?
An Australian Business Number (ABN) is not compulsory, but it does allow you to:
- facilitate a single Business Activity Statement (BAS)
- confirm your business identity to others when ordering and invoicing
- avoid Pay as You Go (PAYG) tax on payments you receive
- claim Goods and Services Tax (GST) credits
- claim energy grants credits
- obtain an Australian domain name.
For the above reasons, we strongly advise paraplanners to have an ABN before commencing contract paraplanning.