Need some info on ABN's and how they work

[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.