Originally announced in the 2018–19 Federal Budget, and now set out in draft legislation, are newly introduced accountability measures for ABN holders.
Once in effect, this will mean you will have to:
- lodge outstanding income tax returns, and
- confirm the accuracy of your entity’s details on the Australian Business Registrar annually.
Currently, there are no registration penalties for ABN holders when it comes to lodging tax returns. That is, you can continue to quote an ABN regardless of whether you have lodged outstanding returns.