Business Trading Names
The ATO has advised the following:
Trading names are being removed from ABN Lookup.
The Australian Securities and Investments Commission (ASIC) introduced a new business name register on 28 May 2012, replacing state and territory registers. From November 2018, all trading names, including the trading name listed against your Australian business number (ABN), will be removed from ABN Lookup.
Registered business names will continue to be listed on ABN Lookup.
What you need to do if you want to continue trading under a specific name? You’ll need to register it as a business name with ASIC.
You can do this online through the ASIC website. Make sure you have your ABN when you apply.
You don’t need to register a business name if you trade under your own name (‘John Smith’), but you’ll need to have a business name if it’s anything else (‘John Smith Plumbing’). You can’t apply for a business name that is identical to one already on the register. Before you apply, use the ‘Check name availability’ search function to see if the name you want is available.
The fees for registering a business name are $35 for one year, or $82 for three years.
For business name queries, phone ASIC on 1300 300 630 between 8.30am and 5.00pm, Monday to Friday. Select the following options:
- 2 for running a Business,
- 2 for Business Names, and
- 1 for Business Name Registrations.
What happens next?
You must display your business name wherever you’re open to the public, including at your storefront.
You must also include your business name and ABN on any business correspondence that you send out, including invoices or purchase orders.
Note: This change may have significant impact on you and/or the businesses you work with.
Many ABN registrations have listed ‘Trading Names’, and when searching ABN Lookup it is the trading name that has been found and connected to the ABN.
Trading Names will not be found on government registers after November.
If you have any questions regarding your Redlands or Brisbane Bayside business please don’t hesitate to get in touch with your local Bookkeeper & BAS Agent – Accurate Balance. I’m here to help!
*Article Written and full credit to The Institute of Certified Bookkeepers