The taxes and business registrations which need to be registered depend on the structure and size of the business. Registrations include:

  • Tax file number (TFN)
  • Australia business number (ABN)
  • Australian company number (ACN)
  • Goods & services tax (GST)
  • Pay as you go (PAYG) withholding
  • Fringe benefits tax (FBT)

We have detailed below the key registrations:

Tax File Number (TFN)

A TFN is required regardless of the business structure you opt to use. A sole trader can utilise their individual TFN whereas a partnership, company or trust will need to apply for a separate TFN to operate.

Australian Business Number (ABN)

An ABN is not required however it is highly recommended that one is obtained for all businesses, regardless of structure. Without an ABN, other businesses must withhold 49% from payments they make to you for tax purposes. An ABN is also required if your business needs to register for GST.

Australian Company Number (ACN)

An ACN registered is only required for businesses operating as a company. Companies are governed under Corporations Law which is governed by the Australian Securities and Investments Commission (ASIC). An ACN must be obtained prior to applying for an ABN.

Goods & Services Tax (GST)

GST registration is compulsory if your business has a current or expected turnover greater than $75,000 or more (or $150,000 or more for non-profit organisations). GST registration is also compulsory for businesses which provide taxi travel.


Pay as you go (PAYG) withholding

Withholding an amount is required for a payment of salaries/wage to an employee, director or businesses that don’t quote their ABN.

Fringe Benefits Tax (FBT)

Businesses must register for FBT if they provide perks or fringe benefits to employees. These benefits include things such as:

  • Company car
  • Low interest loans
  • Payment of private expenses as part of a salary package arrangement

For more information please contact Infinity Group on 9792 2772. Our friendly staff member would also be happy to provide a free, no obligation 1 hour consultation for all business related matters.

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Infinity Group

Established in 1999, Infinity Group is a multi-service firm that specialise in the areas of Finance, Property, Accounting & Taxation, Insurance and Migration Services.

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