There are almost 8 million active Australian Business Number (ABN) holders in Australia. Last month, the Australian Business Register (ABR) began contacting a randomly selected sample in order to measure the ABR’s data quality.
If you’re contacted, you will be asked to confirm your business information and discuss your understanding, usage and experience of the ABN.
“The ABR is trying [to] understand and improve the experience for clients applying for, maintaining and cancelling an ABN,” said the ATO.
This is another step to help strengthen the integrity of the ABN system. It follows on from a recent announcement that all ABN holders who have an income tax return obligation will be required to lodge an income tax return from 2021.
From the following year, ABN holders will also need to confirm their business details annually.
Currently, ABN holders can retain their ABN even if they are not meeting their obligations to lodge an income tax return or update their ABN details.
The new requirements aim to make ABN holders more accountable while minimising the impact on already compliant businesses.