Hi there.
I am needing to apply for an ABN. I am going to be working as a rental inspection manager contracted through a realestate and I need an ABN.
I am unsure if I put this as a SOLE TRADER category, and I’m also unsure about the main business activity section.
I have saved my application but I haven’t submitted it as I’m terrified of being fined for an error 😭
thanks!
Hi @SAMMcross28,
We can help you out here! But also, know that you don't get in trouble for making a genuine mistake.
Firstly, to work out your business structure (eg. Sole trader v company). You just need to consider your personal circumstances, business goals and benefits of each type of business.
As a sole trader, you and your business are one 'entity', meaning you share the same TFN and ABN and are taxed as an individual. You'd report your business income in your personal tax return.
A company would be a completely separate legal entity, with its own TFN and ABN.
When you're looking to describe your main business activity, you can try our business industry code tool to help find the right description for your work. For example, code 67200 relates to real estate services.
Let us know if you have more questions on this.
Hi @SAMMcross28,
We can help you out here! But also, know that you don't get in trouble for making a genuine mistake.
Firstly, to work out your business structure (eg. Sole trader v company). You just need to consider your personal circumstances, business goals and benefits of each type of business.
As a sole trader, you and your business are one 'entity', meaning you share the same TFN and ABN and are taxed as an individual. You'd report your business income in your personal tax return.
A company would be a completely separate legal entity, with its own TFN and ABN.
When you're looking to describe your main business activity, you can try our business industry code tool to help find the right description for your work. For example, code 67200 relates to real estate services.
Let us know if you have more questions on this.
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