ABN intent to cancel program
The Australian Tax Office is reviewing Australian business numbers (ABNs) to identify potentially inactive ABNs for cancellation.
They’ve made improvements to the ABN cancellation program by introducing a new automated process that allows accountants or their clients to confirm if an ABN is still required via a secure voice response system.
Your ABN may be selected if you have not reported business activity in your tax return, or there are no signs of business activity in other lodgments or third-party information.
Reminder: any income earned under your ABN needs to be reported in your tax return, regardless of the amount. By keeping your tax obligations in check, the ATO can see if you are actively undertaking a business, therefore an ABN should not be cancelled.
- your ABN is identified for cancellation you may be contacted and advised what actions you need to take to prevent your ABN from being cancelled
- you are no longer in business, no action is required to be taken
- your ABN has been cancelled and you are still entitled to one, you will need to re-apply to reactivate it.
Contact OBT’s friendly Accounting & Tax team in Gatton for assistance on 07 5462 2277.