It is essential that you, as a business owner, understand how and why you should update your ABN. This Business Kitz article will explain all you need to know about updating your ABN.
How do I update my ABN details?
You have a responsibility of maintaining your ABN details. If any changes to your business are to occur, you must update these details on your ABN within 28 days of becoming aware of these changes.
The fastest way to update your details is through the Australian Business Register (ABR) online services by logging into MyGovID.
If you are unable to access ABR online services, you can contact the ABR directly, or ask your tax professional to update any changes for you.
Why should I update my ABN details?
Updating your ABN details is important to ensure:
- The right people have the right permission to act on behalf of your business;
- Government agencies have up-to-date information;
- You’re ready for new government services when they become available; and
- Your ABN accurately reflects the range of business activities you undertake.
What ABN details can’t be updated?
You cannot update the:
- Business name;
- Legal names for individual and sole traders who need to contact the ATO directly; or
- Legal names for companies registered with the ASIC.
If you change your business structure you may also need to cancel your ABN and apply for a new one. For example, if you are changing from an individual or sole trader to a partnership, a partnership to a company, or an individual/sole trader to a company, then you should cancel your current ABN and apply for a new one.
We recommend you seek professional advice before cancelling/updating your ABN. If you require legal assistance in navigating this process, our sister company, Legal Kitz, is here to help. Book here now for a FREE 30-minute consultation with our highly experienced and qualified team.