What to Do After Getting an ABN

Getting an ABN is easy. Knowing what to do next is where most people slip up.

Once your ABN is active, the tax system treats you as running a business — even if it’s just a side hustle or occasional work. That means a few responsibilities apply straight away, whether you’re aware of them or not.

The key is understanding the correct order of what needs to happen so you don’t create problems later.

Check Your ABN Details

After registering, confirm your ABN details are correct. This includes your business name, contact details, and business activity description. Errors here can cause issues with banks, clients, and the ATO down the track.

Work Out Whether You Need GST

Getting an ABN does not automatically mean GST.

You only need to register for GST if:

• Your turnover reaches $75,000 or more, or

• You operate in rideshare or taxi services

Registering when you don’t need to adds unnecessary paperwork. Not registering when required can result in penalties. This decision matters early.

Start Keeping Records Immediately

Record-keeping is one of the biggest traps for new ABN holders.

From day one, you should keep records of:

• Business income

• Business expenses

• Receipts and invoices

• Business-related bank transactions

You must keep these records for at least five years. Using a simple bookkeeping system such as eCashBooks makes this far easier than trying to reconstruct everything at tax time.

Understand That You Still Need to Lodge a Tax Return

Even if:

• You earned very little

• You earned nothing

• You already have a regular job

If your ABN is active, you are still required to lodge a tax return with a business schedule. There is no minimum income threshold for ABN holders.

Put Money Aside for Tax

ABN income does not have tax withheld automatically. Setting aside money from each payment you receive helps avoid an unexpected tax bill at the end of the year.

Next Steps for ABN Holders

Once your ABN is set up, staying organised is the key to avoiding stress. Keep your records tidy during the year and make sure your tax return includes all business income and expenses. Using the GoTax ABN Tax Return keeps the process simple and helps ensure nothing is missed.