Evolution To ABN
When the GST was introduced in Australia the government also introduced a number of complementary measures. These included the ABN, removal of wholesale Sales Tax exemptions and changes to the FBT and changes to the treatment of trusts and charities. A company's Australian Business Number (ABN) frequently includes the ACN as the last nine digits. The ABN indicates that a person, trust or company is registered with the Australian Business Register (ABR). The ABR facilitates and streamlines many Australian business-to-government and government-to-business processes, such as Australian Tax Office transactions involving the collection and remittance of the Goods and Services Tax (GST).
A similar Australian Registered Body Number (ARBN) is used for non-company entities such as registerable Australian bodies, and for foreign companies.
Read more about this topic: Australian Company Number
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“The evolution of a highly destined society must be moral; it must run in the grooves of the celestial wheels.”
—Ralph Waldo Emerson (1803–1882)