Got Your ABN? Here's What to Do Next

1. Step 1 of 10

   Check your ABN details

   Your ABN record is public, and the details on it are used by customers, suppliers and government agencies. It's worth checking that your entity name, business address, contact details and ANZSIC (industry) code are accurate.

   If anything changes — your address, structure, contact details or whether you're still trading — you may need to update the Australian Business Register. Check the current requirements and timeframes on the official register.

   • ABN Lookup — search and check ABN details(opens in a new tab)
   • business.gov.au — Register for an Australian business number (ABN)(opens in a new tab)
2. Step 2 of 10

   Check whether you need to register a business name

   An ABN and a business name are separate things — holding an ABN does not register a business name for you.

   Generally, if you trade under a name that isn't your own legal name (or your company's legal name), you need to register that business name with ASIC. Check whether this applies to you before you print signage, order stationery or launch a website.

   • ASIC — Registering a business name(opens in a new tab)
   • business.gov.au — Register a business name(opens in a new tab)
3. Step 3 of 10

   Work out whether you need GST registration

   Whether you need to register for GST depends on your circumstances. As a general guide, businesses need to register when their GST turnover reaches $75,000 or more in a 12-month period (different thresholds and rules apply to some activities, such as non-profit organisations and taxi or ride-sourcing services).

   You can also choose to register voluntarily below the threshold. Because GST affects your pricing, invoices and reporting, consider checking the current ATO guidance or speaking with a registered tax or BAS agent about your situation.

   • ATO — Registering for GST(opens in a new tab)
   • business.gov.au — Register for goods and services tax (GST)(opens in a new tab)
4. Step 4 of 10

   Consider a separate business bank account

   Companies, partnerships and trusts are generally required to have their own bank account. Sole traders usually aren't legally required to, but many still choose to open one.

   Keeping business money separate from personal money makes it far easier to see what you've actually earned, work out what to set aside, and prepare records at tax time — without untangling a year of mixed transactions.

   • business.gov.au — Finance for your business(opens in a new tab)
5. Step 5 of 10

   Set up record keeping

   Good records show you what's coming in, what's going out and how the business is actually performing. They also underpin the tax and record-keeping obligations that may apply to you.

   Records generally need to be kept for a set period and be in a form that can be produced if requested. Check the current ATO record-keeping requirements for your circumstances and decide early whether you'll keep records in software rather than in a shoebox.

   • ATO — Records you need to keep(opens in a new tab)
6. Step 6 of 10

   Get ready to quote and invoice customers

   Before the work starts, it helps to have a consistent way to send a quote, turn it into an invoice, keep customer details in one place and see what's been paid.

   What an invoice needs to show can differ depending on your circumstances — including whether you're registered for GST, in which case a tax invoice has specific requirements. Check the current ATO guidance so your invoices are right from the first one.

   • ATO — Tax invoices(opens in a new tab)
   • business.gov.au — Invoicing and payments(opens in a new tab)
7. Step 7 of 10

   Start tracking business expenses

   Capture expenses and receipts as you go — it's far easier than reconstructing them months later, and it gives you a real picture of what the business costs to run.

   Whether a particular expense can be claimed depends on the expense and your circumstances. Take deductibility questions to the ATO or a registered tax agent rather than guessing.

   • ATO — Deductions for business expenses(opens in a new tab)
8. Step 8 of 10

   Check licences, permits and industry requirements

   Licences, permits, registrations and codes of practice depend on what you do, where you do it and how you do it — federal, state or territory, and local council requirements can all apply.

   The Australian Business Licence and Information Service (ABLIS) lets you search by industry and location to see what may apply to your business.

   • ABLIS — Find the licences and permits for your business(opens in a new tab)
9. Step 9 of 10

   Consider appropriate business insurance

   Insurance needs vary significantly between businesses. Some cover is required by law in certain situations — for example, workers' compensation if you employ staff, and some occupations or contracts require particular cover.

   Beyond that, what's appropriate depends on your risks and activities. Check the official guidance and consider speaking with a licensed insurance broker or adviser.

   • business.gov.au — Insurance for your business(opens in a new tab)
10. Step 10 of 10

    Organise your ongoing business obligations

    Getting set up is the beginning, not the finish line. Depending on your circumstances you may have recurring lodgements, renewals, registrations, record-keeping and payment dates spread across the year.

    Rather than trying to hold it all in your head, build a simple system: one place for your customers, quotes, invoices and expenses, and a list of dated tasks you actually look at.

    • business.gov.au — New businesses(opens in a new tab)

This guide provides general information only and does not constitute legal, tax, accounting or financial advice. Requirements vary depending on your business and circumstances. Check current information with the relevant government authority or a qualified professional.