I work as a freelance paralegal, providing services to a US law firm. I earn $35,000 to $45,000 per year. I moved to Australia in July 2024. I do not have an ABN. For the 2024-25 tax year, I entered my freelance income as 'Other foreign income', entering "income from freelance work" as the description.
Since I work as a freelancer, I believe that I am eligible for an ABN. I have three questions:
First, as a freelancer earning as little as I do, am I required to have an ABN or is it optional?
Second, assuming its optional, are there any advantages or disadvantages to me getting an ABN?
Third, is it too late to amend my 2024-25 tax return to report my income as a sole trader with an ABN?
Thanks