Q&A

Question: Do I need both a Tax File Number and an Australian Business Number?

Answer:

Although you are able to secure your Tax File Number (TFN) and Australian Business Number (ABN) using one application, each serves a different purpose. Most entities (whether sole trader, trust, or company) require a TFN in order to lodge annual tax returns. You require an ABN if you are conducting a business.

Priscilla Ng

Answered by Priscilla Ng

Priscilla is a lawyer. She practises in the areas of business and commercial law, intellectual property and employment law. In her past work experience, she practised in property law, family law, wills and estates, and civil litigation.

Get in Touch

Fill out the form below to get in touch. A LegalVision team member will be in touch shortly!

Our Awards

  • Innovator of the Year – 2016 Australian Law Awards
  • Professional Services Business of the Year – 2016 Optus MyBusiness Awards
  • Boutique Diversity Law Firm of the Year – 2015 Women in Law Awards
  • Startup Disruptor and Next Rich Award Finalist – 2016 PwC Aspire Awards
  • Client Service and Delivery Award Winner – 2016 InfoTrack Client Centricity Awards
  • Innovator of the Year Finalist – 2016 Optus MyBusiness Awards