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question about ABN & TFN

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  • 03-01-2013 12:34am
    #1
    NIALL D
    Registered Users Posts: 671 ✭✭✭


    howdy

    im headin to sydney in a few weeks.
    im just wondering whats the difference between tax file number and ABN when your getting paid ?
    i heard a few different stories about on one when you get paid its tax free or something along them lines and not on the other !!??

    and also heard something about if your getting sponsored that on one you will have to pay a few thousand to get it sorted yourself and on the other sometimes the company will pay for it !!

    may sound like stupid questions , but as i said i have heard different stories and i am not sure whats fact and whats not , so it would be great to get some advice from someone in the know as there is alot of very helpful people on here and have been checking in here alot since i decided to go and have learned alot from some threads and got some handy tips that people have posted !!

    any help much appreciated :)


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    #2
    hussey
    Registered Users Posts: 6,240 ✭✭✭hussey


    NIALL D wrote: »
    im just wondering whats the difference between tax file number and ABN when your getting paid ?
    TFN is an individual tax file and ABN is a business tax file.
    You will still need a TFN regardless.
    i heard a few different stories about on one when you get paid its tax free or something along them lines and not on the other !!??
    Not true, but ABN is a business so you can be taxed as a business.
    and also heard something about if your getting sponsored that on one you will have to pay a few thousand to get it sorted yourself and on the other sometimes the company will pay for it !!
    You cannot have an ABN if you get sponsored, as you will be employed by a company (who in turn have an ABN). To be sponsored you need to be an employee of the sponsored company.

    *please note there maybe some other info I am missing here, I'm sure someone will correct me if I am incorrect or missing something*


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