ABN change to reduce red tape and delays for business
Businesses will soon be able to register themselves in up to four business categories (or ANZIC codes) under a single ABN, in a change announced today by the Tax Commissioner.
NSW Small Business Commissioner Chris Lamont said the announcement would save small businesses across NSW considerable time and money.
“We have been working with the ATO on this issue and I’m delighted with the announcement from the Tax Commissioner,” Mr Lamont said.
“It means that ABN holders who operate more than one business will find it easier to access government support measures that target specific industries. It should also assist state government agencies in providing timely and targeted industry and small business support.”
The Tax Commissioner gave the example of a winery that operates a restaurant and also offers accommodation. The change should make it easier for such a business to qualify for assistance aimed at any of those business categories.
The change will also make it easier for agencies like the Australian Bureau of Statistics to more accurately profile the business landscape.
More information on the change to ANZIC codes is available on the new ABRS website.
Watch now: Cash Flow – The fundamentals for business success with Tony Baddour
Without the fundamentals of basic cash flow management, can almost guarantee that a business is setting up to fail. Tony has a talent for helping businesses understand their core financial needs to help better manage cash flow and inevitably better plan for success.
Watch this webinar and apply the learnings to your business.