In Australia, the inclusion of a minor as an associate in business matters, particularly for obtaining an Australian Business Number (ABN), is subject to specific conditions. If a minor is included as a shareholder of a company, they must be listed as an associate for ABN registration purposes.
However, it's important to note that company directors are required to be at least 18 years old. When applying for an ABN, each associate must provide their Tax File Number (TFN). If a minor does not have a TFN and is an Australian citizen, they must apply for one before they can be included as an associate. It's also crucial that all members of a company, including minors if they are shareholders, have provided written consent to validate their inclusion as a company officeholder.
This consent must demonstrate an understanding of the responsibilities involved, which may be challenging for a minor to comprehend fully. Therefore, if a minor is incapable of providing informed consent, their involvement in the company structure may not be advisable.
These regulations ensure that all parties involved in a business are adequately informed and capable of fulfilling their roles within the company.