The accuracy of the content is not guaranteed. Please rely only on the authorised document. People who manage their own superannuation funds should apply for an Australian Business Number (ABN) before 1 July 2000 says Chris Jordan, Chairman, The New Tax System Advisory Board. "The Government has introduced legislation that puts beyond doubt the question of whether self managed funds can receive ABNs," Chris Jordan said. "It's easy to register, and getting an ABN now will save hassle for funds later on," Chris Jordan said. The ABN will also become the main identifier for doing business with other super funds. For example, it will be easier to transfer money between super funds if both funds have an ABN. Most major super funds have already applied for and received an ABN which are valid. "The Government's new legislative amendment won't affect ABNs that have already been issued. If your fund already has an ABN, you're OK," he said. Some funds have been concerned that having an ABN requires them to complete a Business Activity Statement (BAS) every quarter, but this is not the case. Whether a fund has to report or not depends on their business characteristics, not just whether they have an ABN. "Finally, funds should remember that having an ABN doesn't automatically mean they are registered for the GST. All super funds need to self assess whether the fund is carrying on an enterprise and if it needs to, register for GST. If so, you will have to get an ABN first and simply register for GST on the same form," Chris Jordan said. Super funds can get an ABN by visiting The New Tax System web site at www.taxreform.gov.au Funds that received a personalised ABN package last November can apply for an ABN on-line. Funds that didn't get a package can download the application form and lodge the paper copy with the Tax Office. Funds can also contact the Tax Reform Infoline on 13 24 78 and ask for an application form to be sent out. The Infoline can also provide assistance on self assessment on whether the fund is carrying on an enterprise and needs to register for GST.
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