Owning an ABN means that you have to ensure that your details are up to date. There are a multitude of reasons you will need to update your ABN details. You may have changed your address, email or other important information. Every time you change your details, however, you have 28 days to notify the Australian Business Register (ABR). Over the past couple years, the method to update your ABN details has changed. Methods you may be familiar with like AusKey and Manage ABN Connections are now retired. Luckily, the ABR has a new streamlined way of updating your ABN details. Read this guide to find out what you need to know about changing your ABN details online.
What Details Can You Change?
By using an online portal, you will be able to change:
- Addresses including postal locations and email
- Whether the business is public or private
- The business structure
- The industry code and main activities of the business
- Other contact details
Relationship Authorisation Manager
The Relationship Authorisation Manager (RAM) is ABR’s main service for updating your ABN details. With RAM, you are able to update your ABN details online instantly. To get to this point, however, there are a couple of steps involved.
Setting up myGovID
Firstly, to log into RAM you need a myGovID. A myGovID is a safe and secure government tool to prove who you are online. With myGovID, you can log into government websites without a username or password. Instead, you just use your smartphone. To set up your digital identity, click here.
Link Your Business to RAM
Once you have a myGovID, you will be able to access RAM’s services and link your ABN. Unfortunately, you cannot currently link your business to RAM online. For the time being, you must ring up the ATO to link your ABN. When you ring up, you may need to verify your identity. Having a Tax File Number (TFN) handy is the easiest way to do this. Otherwise, you may be asked several questions or need to send in copies of documents to verify who you are.
Further, only the Principal Authority can link the business to RAM. The Principal Authority is someone responsible for the business. Examples include:
- Sole Traders
- Company Directors
- Eligible Individual Associates listed on the ABN
Change Your ABN Details
Once the business is linked, you can log into RAM and change your ABN details at your leisure. With RAM, the changes will take effect straight away.
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Alternative Ways to Update Your ABN Details
If you do not wish to link your business with RAM, there are alternative ways to update your ABN details. You can contact the ABR directly or there is a form that can be submitted by mail. To access this form, however, you need to order that form online.
Who Can Update ABN Details?
Initially, only the Primary Authority can update the ABN details through RAM. However, the Primary Authority also has the power to authorise another person to act on behalf of a business. There are multiple levels of access that can be given to an authorised user. For more information on each level of access, please refer to RAM’s website.
Furthermore, to log into RAM, the authorised person also needs to have a myGovID.
Failing to update your details
If you fail to update your details within 28 days, you may face penalties by the ATO. Under the Taxation Administration Act 1953 (Cth) s 8C, failure to comply carries up to a $4,400 fine. An increased fine may apply if you have previously failed to comply with ATO obligations.
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Canceling Your ABN
If you are looking to cancel your ABN rather than update it, a different process is required. You will find helpful information on this topic in another article.
Conclusion
Once you have a myGovID and have linked your business to RAM, updating your ABN details is fairly straightforward. The benefit to using RAM to update your ABN details is the changes will take effect instantly. Alternatively, you can directly contact the ABR or lodge a form to change your ABN details. Further, remember to update your details within 28 days. If you take too long, you may face penalties of up to $4,400.
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