Australian Limited Companies: ABN to replace ACN and TFN from July 2016

Jane Cooper 17 November, 2020

The Australian Treasury has released details of reductions in red tape for newly established limited companies in Australia.

At present Australian companies can receive three separate company numbers: an Australian Business Number (an ABN) (recorded on the Australian Business Register), an Australian Company Number (ACN) from the Australian Securities and Investments Commission (ASIC), and a Tax File Number (TFN) from the Australian Taxation Office.

Aside from the ACN the issuing of an ABN and a TFN involves applications to the Australian Taxation Office.

The Treasury Legislation (Spring Repeal Day) Bill 2015 (Cth) will (if passed by Parliament) take effect
from 1 July 2016. It contains amendments to the
Corporations Act 2001 (Cth), the A New Tax
System (Australian Business Number) Act 1999
(Cth) and other taxation legislation. If the Bill is
passed, all companies will be able to use their ABN
as a single identifier in place of the ACN and TFN.