As a business owner, it is essential to know how to cancel your ABN. This Business Kitz blog post will inform you of all you need to know about cancelling your ABN.

What is an ABN? 

An ABN is an ‘Australian Business Number’ which is a unique 11 digit number that represents your business to the government and the community. An ABN is used to: 

• Identify your business to other businesses when ordering and invoicing; 
• Avoid pay as you go (PAYG) tax on payments you receive;  
• Claim goods and services tax (GST) credits;
• Claim energy grant credits; and
• Purchase an Australian domain name.

You can view a business' ABN via the ABN lookup website.

When do I cancel an ABN? 

As a business owner, instances where you will cancel your ABN are if you are: 

• Closing down your business;
• Changing your business structure;
• No longer operating your business;
• Changing from a sole trader to a company; 
• Changing from a sole trader to partnership; or
• Changing from a partnership to company. 

How do I cancel an ABN? 

To cancel your ABN, head to the ABN webpage on the Australian Government’s Australian Business Register (ABR). Before you cancel your ABN, make sure you meet any lodgments, reporting, and payment obligations with any government agencies you have dealt with. 

What is a scenario where I may need to cancel my Australian Business Number? 

You are an existing business owner who already has their ABN, however, the effects of COVID-19 have meant that you are no longer operating your business. Therefore, you should cancel your ABN via the ABR website. Notwithstanding, before you cancel your ABN, you should check to ensure that you’ve met the lodgment, reporting, and payment obligations for any and all government agencies that you’ve done business with. Once you have ensured that you have settled all of your obligations, you can then lodge an ABN cancellation request via the ABR.

Legal advice

To cancel your ABN, you can access the ABR website and lodge a cancellation request. Before you do so, you should check to ensure that you are in a situation that constitutes a business owner to cancel their ABN (ie closing down their business). Next, you should ensure that you’ve dealt with any payment obligations that you have with any government agencies. If you require any further assistance our business specialists at Business Kitz, or sister company Legal Kitz can help. Book HERE for a free 30-minute consultation.