While using one ABN for multiple businesses can simplify administration, there are factors to consider: 1. GST Registration: If the combined turnover of your businesses exceeds the GST threshold, you must register for GST. 2. Income Tax: Income from all businesses under the same ABN is combined for tax purposes. 3.. You used to be able to use myGov to access online services by connecting the ABN of the sole trader to their myGov account. This was stopped with the rollout of myGovID. You'll now need to have a myGovID. How you connect to the entity will depend on if anyone else is connected to the entity already.
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For more information about setting up a company, our experienced business lawyers can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on 1300 544 755 or visit our membership page.. Can I Have More Than One ABN? Upon registration, each legal entity will receive one ABN. You are able to have multiple ABNs per entity, though this is not the best practice. For example, if you are running your business through a company, you need to register for an ABN. If you want another ABN, it is best practice to register a new company.
