At ATBL we are here to answer any questions you have about our services and how we can help you and your business. Reach out to us and we’ll respond as soon as we can.
+61 432 667 846
41 Treloar Lane,
Pakenham VIC 3810
Frequently Asked Questions
What's the difference between an ACN and an ABN?
An ACN (Australian Company Number) is issued by the ASIC (Australian Securities and Investments Commission) to all new companies registered in Australia to facilitate the monitoring of those companies and also to give them a unique identity code within the structure of the Corporations Law of Australia. Only a company can be issued with an ACN.
An ABN (Australian Business Number) is a unique number issued by the ATO (Australian Taxation Office) to all entities that are in business. If an entity is trading as a business, no matter how large or small, they must apply to the ATO to acquire an ABN and must show that ABN on any invoices they issue. The ATO will then automatically issue a unique eleven digit number.
It is not necessary for an entity that has an ABN to be registered for GST if their annual turnover or income does not exceed $75,000.00. Confusion often arises between the two numbers due to the fact that the ATO will use the ACN as the basis for a company’s ABN. A company’s ABN will always consist of their ACN with a two-digit pre-fix.
I'm new to business. Can you help me?
As your accountant for a new business small business, here’s a rough guide on what we do to help you if you’re starting your new business.
- Once we meet with you, our aim is to gain information on you as an individual and your businesses motives and goals, recommend and establish a suitable business structure based on your requirements and establish a suitable method for accounting for the business
- We will advise you of all obligations with the ATO, set up all necessary registrations with the ATO including obligations related to running a business
- We can supply Xero training through email and telephone support accompanied with support and are always available to answer client queries.
- If you wish to focus on operating your business, we will advise on the best way to prepare your business documents for us
- We will attend to all ATO lodgements and prepare accounts on a regular basis in order to provide meaningful reports that can be used in making the business operate more efficiently
- We are always available to answer client queries and more than happy to attend on site for clients who find it hard to get away
Do I pay GST in invoices?
If you are business entity that is registered for GST and is adding 10% GST to all of the invoices you issue to your clients, then you are also entitled to claim back any GST that you pay on your business expenses.
The GST you collect less the GST you pay in your expenses, is the amount you send to the tax office each quarter. You must keep all of your invoices/receipts for a period of 5 years to justify your claims on receipts greater than $75.00
What records do you require to prepare my tax return?
If you refer to the client resources section of our website, you will see a comprehensive list of documents that we may require from you, depending on your personal circumstances. If there is something that you feel is relevant, but is not on our checklist, please let us know and we will advise you on whether those particular documents are needed by our office.
Is my car a business expense?
This will largely depend on the type of business that you are in and the structure that you trade under. In the majority of cases, if you require a motor vehicle to travel between suppliers, meetings, places of business, etc, there will be some form of deduction available to you.
There are a number of different ways of claiming motor vehicle expenses and we will gladly advise you of the right method for your small business structure.