People that own business companies in Australia are required to have an Australian business number and also register their companies through ASIC in order to be issued an Australian company number. An Australian business number (ABN) is a unique 11 digits that are issued by the Australian taxation office. In order to get your Australian business number, there is no cost attached to it, whether online or paper.
Australian company number (CAN) is a unique nine-digit number that is issued by the Australian Securities and investment commission. In order to get your Australian company number, you will pay a fee of $495-$500. The Australian company number is used by the shareholder and the public to monitor the activities of the company. Australian company number must appear on all documents issued by the company.
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D. Peter, Software Developer, B.E (Bachelor of Engineering), Mexico
Answered Jun 16, 2020
CAN stands for Australian Company Number, and ABN stands for Australian Business Number. These are two different numbers issued by various Australian authorities. Some, like the Australian Securities and investments Commission, matters an ACN to the companies registered in Australia. The Australian Company Number provides the companies to a large degree. The Australian Taxation Office is the agency that allows the ABN for companies in Australia.
The Australian business number is distributed to all entities. Both CAN and ABN must appear on all documents. This rule includes invoices, receipts, account statements, orders, business letterheads, notices, promissory notes, and written advertisements. The ABN can be utilized to find out more about the company and how they operate.
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D. Loukas, Maths Professor, Diploma in Mathematics, Beverly hills, California
Answered Jun 08, 2020
ABN or Australian Business Number and ACN or Australian Company Number are identification numbers issued to businesses in Australia. One of the major differences between the two is that both are issued by different Australian agencies or authorities. The issuance of Australian Business Number is done by the Australian Taxation Office. In contrast, the issuance of ACN or Australian Company Number is done by the Australian Securities and Investments Commission. These two unique numbers are issued to companies and entities in order to serve as a means of identification.
Also, with ABN, certain information about a particular company can be gotten. Another difference that can easily be noticed is in the number of digits that make up both ABN and ACN. Unlike ABN that has eleven digits, ACN has just nine digits. At times, you may have ABN and still have the nine digits of ACN on it. In a situation like this, you may not need to get a separate ACN for your business.