If you own a business that hasn’t lodged an activity statement or reported income on the business labels on your tax return for more than two years, there is a risk that your ABN may be cancelled.

To maintain accurate data, the Australian Business Register (ABR) conducts regular checks on ABN records and automatically cancels them if they appear to be inactive. The last check was due to occur at the end of March 2018.

To avoid cancellation, you will need to ensure your lodgements are up-to-date and regardless of your income, you will be required to lodge the following:

  • Individual tax return including the supplementary section;
  • Business and professional items schedule for individuals; and
  • Entity tax return.

If your circumstances have changed, you should consider cancelling your ABN if appropriate. If your ABN is cancelled, you will still be required to lodge outstanding tax returns and activity statements.

It is important to keep your ABN details up-to-date so that other businesses can access and verify your information. For example, when operating a business or the status of your GST registration.

If you do cancel your ABN and down the track your business gets up and running again, you can re-apply. Simply, visit the ABR website or contact your Accountant or Advisor.

Need some advice? Contact our team on (07) 4632 1966.


GENERAL ADVICE WARNING | The information provided in this article is for general information purposes only. It is not intended to be, nor should it be read as specific taxation advice. Before acting on any of the information contained in this article you should obtain special advice from a specialist advisor, which is appropriate to your specific business risk needs, objectives and situation.