There are several reasons why people choose to terminate their Australian Business Numbers (ABN). Maybe you’ve decided to quit doing business, sold your company, or changed the way your company is organized. However, business owners could occasionally want to start trading again, so you should always reactivate your ABN first. It is feasible to reactivate your ABN if this is the case.
If a business owner cancels their ABN, they might believe they can immediately resume trading. Although you’ll be breaching the law without an ABN because your company lacks a unique identifying number. If your ABN has lain inactive for a few weeks or a few years, we’ll explain how to reactivate it in this article.
Only if your ABN has been canceled is it valid to reapply for one. The ABN lookup tool will let you to determine whether one is applicable. You have 28 days to update the information about your new endeavor if your ABN is still in effect.
Your AUSkey is the most efficient method for processing this, but you can also change it online or by contacting the ABR (Australian Business Register).
It is crucial that you complete the procedure to have your ABN reactivated if it has been canceled. This is due to the fact that it is illegal to utilise an inactive ABN in a transaction. Additionally, if your company generates $75,000 or more in annual revenue, you must have a valid ABN in order to trade.
Simply reapply for an ABN once you’ve verified that your current one has been canceled. One straightforward method is to reactivate your ABN within 24 hours using Lawpath’s ABN registration service. The four steps you can follow to reactivate a canceled ABN with us are as follows (NB: be sure to follow along from the link above since the procedures are directly related):
Include your email, phone number, name, and business address as well as other essential contact details (N.B this has to be a physical address and not a PO box). Additionally, you can include that information with your TFN if you want to designate an authorized contact for the application’s changes to be delivered to, such as an accountant (Tax File Number).
Give sincere “yes” or “no” responses to the four questions. Make sure to select “YES” for the fourth question, which asks if you’ve ever had an ABN, and enter the information appropriately. You can also specify the date from which you need the reactivated ABN, as well as the states and territories in which your company does business, to ensure a quick turnaround.
To ensure that any extra considerations are taken into account, please complete the final form accordingly.
Double check your information once you’ve filled out all the fields to make sure it’s accurate. Your ABN will be restored in less than 24 hours.
The ABR website also allows you to submit a new application. When that happens, their system will look for your prior ABN. Your ABN status should change from “Inactive” to “Active” after authorization.
A new ABN application can be made online in less than 5 minutes if you have never done so before. You will receive your ABN more quickly if you choose to do this because the turnaround time will be quicker. To summarize, there are numerous ways to activate your ABN, and doing so is a rather easy procedure to follow.
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