Do I need both a TFN and an ABN?

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.

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.

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