Well, not quite Happy Birthday Money…but Happy Birthday to the Royal Australian Mint…in fact, Happy 50th Birthday!

I discovered through the Australian Bureau of Statistics (ABS) that yesterday was the 50th birthday of the Royal Australian Mint, so I thought I’d share a few facts and figures with you – since I’m sure you all, like me, have some type of dealing with money every day!

While the ABS advise that the Australian economy is over 1.5 trillion dollars in size (try picturing that many $1 coins!!)…let’s talk about the coins you and I are more familiar with!

The decimal currency we use today was introduced on 14th February, 1966 (we’ll be celebrating 50 years next year!) – the Royal Australian Mint was opened the year before in preparation of the adoption of our own decimal currency and began production of the coins at that time.

Since then, there have been a number of changes to the coins we use, namely:

• The current 12 sided 50 cent coin replaced its previous round version in 1969
• The $1 coin was introduced in 1984
• The $2 coin was introduced in 1988; and
• 1 cent and 2 cent coins were removed from circulation in 1990

I remember visiting the Royal Australian Mint as a child, and I know there are many valuable lessons to be learnt – about history and money – so if you are in the area, I recommend you pay a visit!

PS I’ve been visualising a few of you nodding your head as you recognise these dates…dare I ask, does anyone remember the introduction of decimal currency in 1966??

Regards

I’m sure you know by now that ABN is the acronym for Australian Business Number…but who needs an ABN and can you have more than one?

In short, as a business you’ll need an ABN to operate in the GST system and to avoid having withholding tax of 49% retained from payments to you, for not quoting an ABN.

An ABN is also useful for other businesses to identify your business and confirm details (the ABN Lookup tool is fabulous)…and you’ll need an ABN if you want to register for the AUSkey we discussed earlier in the week.

With regards to the question “How many ABN’s can I have?” – the simple answer is ONE!

ONE per entity that is – so each individual, trust, company or partnership is entitled to only one ABN (and if you cancel your ABN and then re-apply at later date…you’ll be issued with the same number).

Having said that – if any of these entities are registered for Goods and Services Tax (GST) and operate more than one business, they may be able to register for a GST Branch.

A GST Branch is a three digit number attached to the end of your ABN and allows you to report your GST obligations for each branch separately.

As always there are a few conditions required to be met to use a GST Branch, if you would like more information, go to the Contact page!

Regards

 

You may recall that I wrote about how the Australian Taxation Office (ATO) are abolishing paper activity statements for anyone who lodges them electronically (you can read about it here).

To lodge electronically you either need to use a registered tax agent or be registered to use the ATO Business Portal.

Some of the things you can complete via the ATO Business Portal include preparing, lodging and revising activity statements, as well as viewing your statement of account, requesting a refund or transfer between accounts and updating the registration details for your business.

I recently came across a client who was ready to take the next step and start lodging their Business Activity Statement (BAS) and Instalment Activity Statement (IAS) by electronic means and I assisted them to register for the ATO Business Portal.

Before you can register for the Business Portal, you’ll need an AUSkey…and before you apply for an AUSkey, there is some information you should have on hand to enable completion of the application process.

You’ll need to know the type of AUSkey you are applying for and:

• the legal name of your entity
• the Australian Business Number (ABN) of your entity
• your own full name
• your own date of birth
• your own Tax File Number (TFN)

After this, the process is quite simple, but the most important thing to remember is… to keep your login details and password secure!

Regards

How remiss of me…I forgot to wish you all a Happy Valentine’s Day!!

I spent my Valentine’s Day in the company of about 500 of my closest friends at a conference…not ideal for some, but I had fun!

Regardless of your relationship status, I do hope you had a wonderful day, just like I hope you do everyday…xo

In other news, the Australian Taxation Office (ATO) are piloting a new web chat program aimed at small business.

If you are a small business owner, there is now new help available from the ATO via a live web chat service.

The service is available through the ATO’s small business assist online service, which you’ll find here, and can be accessed between 6pm – 9pm (AEDST) each Monday – Thursday.

This web chat service is designed for discussing general information (without having to provide personal details), and covers topics such as:

• Australian Business Number (ABN)
• AUSkey
• payment arrangements
• Business Activity Statements (BAS); and
• Goods and Services Tax (GST)

Of course, if you are a client of The Tax Chic, you can contact me any time and receive a prompt reply, even after hours!

Regards