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Sole trader ABN: if the business has ceased, you should report in your tax return. if you have not reported in your tax return, it will simply become inactive after years of no business activity.
Company & Trust ABN: As per above, but you have to pay the 212 ASIC fee (in the case of trust, the fee is for a company trustee)
The process of getting an ABN is fairly straight forward, i receive the ABN straight away for majority of the applications i do. Sometime, the ATO may wish to conduct further check before issuing ABN, especially in the case of Company & Trust, the process can take up to 2 weeks. |
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