Need some info on ABN's and how they work

[Like a Boss]

Ok so I'm a Security Guard and I'm thinking of organizing an ABN for work,

Last Friday i worked at Neverland in Melbourne, I was covering a shift for a mate. i don't work for the company that has the contract for Neverland
but I hope to soon because they are doing the Eminem concert and V8 Supercars this year.

Now lets say i cover another shift and i have an ABN do i just give them my ABN info and they pay me through that?

Also what other benefits are there to having an ABN when it comes to Security?

[minux]

Umm, I suggest you go talk to an accountant and a small business advisor. From what you posted you do not seem to understand what an ABN actually is, so spending a bit of coin to listen to a couple of people who know what they are doing would be well worthwhile.

Good luck.

[Like a Boss]

Hmm ok ill look into it further, I thought I kinda understood what an ABN is but I guess not lol

Isn't it used to contract myself out to other businesses ?

[Rufys]

I'd say the amount of misinformation that's likely to make its way into this thread warrants early closure. Minux' advice is sound.

[minux]

What is the Australian Business Number (ABN)?

[LittleMissVE]

For you to be able to paid using your ABN - you will need to submit an invoice with your ABN number, invoice number, and contact details on it - also clearly outlining the cost plus GST.
There are plenty of benefits to having an ABN - you can claim a lot more as you're classed as a sole trader. There are also down sides to doing this as well - by submitting your own invoices and being paid that way, you will need to do things like pay your own super (not imperative), pay your own tax to the ATO (BAS etc). You also need to have all your insurances etc. to be paid by that company (not all companies are like that, but a lot will not pay an invoice with copies of current insurance certificates.
How did you manage to get paid for the security job you did for a friend? Did they just put you on their books and pay you that way? Or did your friend put an invoice through on behalf of you?
There is a lot of information out there being a contractor/sole trader. You can also get lots of differing advice. I'm an accountant - but I don't practice in an accounting firm - I'm a company accountant for an oil company with a turnover of 60+ million a year - so I'm trying to think back to basics for this one.
Your best bet is to either pay a chartered accountant (or bookkeeper) for some advice.
Alternatively I'm more than happy to pull all my old uni books out & have a read through for you.

[LittleMissVE]

Another thing if you're wanting to know the benefits of having an ABN being in the security industry - find out through your mate which bookkeeper/accountant they use (if they use one) - or who he has spoken to. Or just ask him - if he's done it for a while, I'm sure he'd be pretty clued up on what you can/can't claim.

[Nervegas]

pay your own tax to the ATO (BAS etc)

not so for the BAS unless u gross over $70k a year now, however im just nitpicking on that.
but i agree with everyone above, talk to ur/a accountant and they can advise u on the whole abn.

[LittleMissVE]

not so for the BAS unless u gross over $70k a year now, however im just nitpicking on that.
but i agree with everyone above, talk to ur/a accountant and they can advise u on the whole abn.

Ah - well there you go (I actually thought it was 50K a year). Like I said, I don't specialise in small business - I primarily deal with medium - large. But happy to look up any info required.

[minux]

not so for the BAS unless u gross over $70k a year now, however im just nitpicking on that.
but i agree with everyone above, talk to ur/a accountant and they can advise u on the whole abn.

What the hell are you talking about?

You do not need to collect GST if you are only earning under 75k gross income. That said, you can still collect GST and declare it under this limit. So if you are collecting GST it doesn't matter what you earn you have to lodge your BAS.

So back to my original post call a small business professional or speak to an accountant. If you do not you end up with mis-information like the above and half answers.

[Like a Boss]

Thanks everyone for the info, I'll be consulting with someone that can help me with this later in the week. I appreciate your time and input.

[Rufys]

What the hell are you talking about?

lol... like I said...

[FATMOE]

To work off a security company, you will need a master license to be able to work through your ABN.

No security company will give you work without a master license.

[Not_An_Abba_Fan]

For future reference it is just an ABN, not an ABN number, I would have thought an accountant of all people would have known that.

[LittleMissVE]

For future reference it is just an ABN, not an ABN number, I would have thought an accountant of all people would have known that.

My sincere apologies. I will remember next time to use correct terminology - at all times, and not write things as I say in my office.

[JBDrifter]

What the hell are you talking about?

You do not need to collect GST if you are only earning under 75k gross income. That said, you can still collect GST and declare it under this limit. So if you are collecting GST it doesn't matter what you earn you have to lodge your BAS.

So back to my original post call a small business professional or speak to an accountant. If you do not you end up with mis-information like the above and half answers.

Just adding to what you said....

If you are turning over $75k or more per annum you are required to be registered for GST, and hence collect GST and submit BAS statements.
If you are turning over less than $75k per annum, GST is optional but you can't just simply "collect" it, you need to be registered for GST in order to collect it. There are obviously benefits to being registered for GST regardless of your turnover, but it comes with the hassle of extra book keeping, paper work, and submitting BAS statements. All this is made easier with simple accounting software though.

To the OP, an ABN is simply your registration of a business. It is required for running a business, which is exactly what you'll be doing if you contract directly to the security company. You don't just simply give them your ABN and let them sort out the rest, your ABN is not a bank account. You need to submit an appropriate invoice to your clients to be paid.

[minux]

Just adding to what you said....

If you are turning over $75k or more per annum you are required to be registered for GST, and hence collect GST and submit BAS statements.
If you are turning over less than $75k per annum, GST is optional but you can't just simply "collect" it, you need to be registered for GST in order to collect it. There are obviously benefits to being registered for GST regardless of your turnover, but it comes with the hassle of extra book keeping, paper work, and submitting BAS statements. All this is made easier with simple accounting software though.

To the OP, an ABN is simply your registration of a business. It is required for running a business, which is exactly what you'll be doing if you contract directly to the security company. You don't just simply give them your ABN and let them sort out the rest, your ABN is not a bank account. You need to submit an appropriate invoice to your clients to be paid.

Erm, stating exactly what I said. I see no point getting into details when clearly the guy needs to see a specialist.

That said, you can still collect GST and declare it under this limit.

[Not_An_Abba_Fan]

My sincere apologies. I will remember next time to use correct terminology - at all times, and not write things as I say in my office.

And there in lies the problem with this country and all the ignorant illiterate people that the schools churn out.

It just shits me when people say things like ABN number, VIN number and ATM machine.

Similarly, people calling all extractors "Pacemakers", and in the old days sports mufflers "Lukeys", rocker covers "rocket" covers.....the list goes on.

[Reaper]

And there in lies the problem with this country and all the ignorant illiterate people that the schools churn out.

It just shits me when people say things like ABN number, VIN number and ATM machine.

Similarly, people calling all extractors "Pacemakers", and in the old days sports mufflers "Lukeys", rocker covers "rocket" covers.....the list goes on.

Rofl - Lucky all all my problems in life are not as bad as yours!

Reaper

[LittleMissVE]

And there in lies the problem with this country and all the ignorant illiterate people that the schools churn out.

I think our country's problems are a little bit more advanced than my terminology.

No need to get personal & start calling me illiterate.

[Nervegas]

Sorry to disappoint but I earn 40 to 60k a year under my abn as a primary producer and ONLY submit a yearly tax. I do not need to submit bas or register for gst.

[Not_An_Abba_Fan]

I wasn't calling YOU illiterate, this is just a personal pet hate of mine. I'm in no way a grammar nazi, but it doesn't hurt to type proper English and terminology.

[LittleMissVE]

I wasn't calling YOU illiterate

And there in lies the problem with this country and all the ignorant illiterate people that the schools churn out.

No, not at all.

[JBDrifter]

Erm, stating exactly what I said.

Not really... I was adding that you can't just simply collect GST, you need to be registered to collect it.

I also don't see any harm in discussing the topic, that's the whole point of a discussion forum isn't it?

[Vt-Brrrlina]

working for yourself... specially in security... dont forget INSURANCE>.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!