Difference Between ABN and ACN

ABN vs ACN

ACN stands for Australian Company Number, and ABN stands for Australian Business Number. Though these are two identification numbers issued by different Australian authorities, some people are a bit confused. Some even think that they are the same, and do not find any difference between the two.

The Australian Securities and Investments Commission issues an ACN to the companies registered in Australia. This Australian Company Number gives the companies a unique identifying number. This number helps in monitoring the companies to a large extent. Generally, the ACN consists of nine digits.

The Australian Taxation Office is the authority that allots the ABN for companies in Australia. The Australian Business Number is issued to all entities, be it large or small. The ABN has eleven digits.

The ABN can be used to find out more about the company and verify the details. This helps in streamlining the communication with the government agencies, which will help a business a great deal. Even the public can verify all the details pertaining to the companies operating in Australia by using the Australian Business Number.

The Australian Business Number can be used in place of the Australian Company Number if it also includes the nine digits of the ACN.

Both the ACN and ABN have to appear on all documents, including invoices, receipts, account statements, orders, business letterheads, notices, promissory notes and written advertisements.

It is not that all businesses with an Australian Company Number require an Australian Business Number. ABN is required for companies with an annual turnover of 75,000 dollars, non’profit organizations with an annual turnover of 150,000 dollars, and if the company wants to get income tax exempt benefits.

Summary:

1. ACN stands for Australian Company Number, and ABN stands for Australian Business Number.

2. The Australian Securities and Investments Commission issues an ACN to the companies registered in Australia. The Australian Taxation Office is the authority that allots the ABN for companies in Australia.

3. The Australian Company Number consists of nine digits. On the other hand, the Australian Business Number comprises of eleven digits.

4. The Australian Business Number can be used in place of the Australian Company Number if it also includes the nine digits of the ACN.

5. This Australian Company Number gives the companies a unique identification number. The ABN can be used to find out more about the company and verify the details.

6. It is not that all businesses with an Australian Company Number require an Australian Business Number.

Sharing is caring!