The Australian Business Number (ABN) is a unique identifier for businesses in Australia, and its cancellation can significantly impact operations.
Common reasons for ABN cancellation include prolonged inactivity, such as not reporting business income or failing to submit a Business Activity Statement (BAS). If a business ceases operations, is sold, or the owner lodges a final tax return indicating cessation, the ABN may also be cancelled. Providing incorrect or outdated details on official documents can trigger cancellation, as can significant changes in business structure or activities. For instance, changing from a sole trader to a partnership or altering the nature of business operations could lead to ABN cancellation.
Additionally, if a business is operating overseas and ceases its Australian operations, or if it operates under an unregistered business name, the ABN may be cancelled. It's also important to note that if the Australian Securities and Investments Commission (ASIC) deregisters a company, the associated ABN will be cancelled.