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.
