The ATO has provided a novel, though important, reason for businesses to update their ABN details: to help businesses to manage the coming disaster season.
ABN details are used by emergency services and government agencies to help identify and contact businesses during times of emergency and potential disaster.
Therefore, to make sure they don’t miss out on receiving important information, the ATO asks that businesses update their ABN details, including authorised contacts, physical location, email, and phone number.
Also, if a taxpayer is no longer in business, the ATO asks them to cancel their ABN so they aren’t contacted unnecessarily.
* * * Disclaimer: The information is sourced from NTAA. * * *
Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their circumstances.