In the 2019-20 Budget, the former Government announced an intention to make ongoing ABN registration contingent on ABN holders meeting 2 additional obligations:
- the obligation to comply with income tax return lodgement requirements, and
- the obligation to update the accuracy of their details on the Australian Business Register (ABR), annually.
The new conditions will make ABN holders more accountable for meeting their government obligations, while minimising the regulatory impact on businesses doing the right thing.
The Government is seeking the community’s views on the exposure draft legislation and accompanying explanatory materials.