ABN number for small farm

4 posts

Member for

8 years 6 months
Last seen: 03/08/2018 - 21:05
Joined: 04/14/2012 - 07:12

ABN number for small farm

G'day farm expert

I am in the proses of buying a small farm in northern NSW and am wondering if it will be beneficial to get an ABN number for farm purchases etc? I currently work and will most likely keep working but would like to earn a supplementary income from the farm. Could you please give me a short answer before I spend money seeing an accountant.

Thanking you in anticipation

Ivan

Last seen: 09/17/2019 - 18:07
Joined: 11/23/2011 - 09:38

Hi Ivan,

Before applying for an ABN you will need to decide whether you are going to run the farm as a hobby farm or as a money making enterprise. Both can have benefits or deficits.

You may need to discuss this with your accountant or alternatively, you can always talk to the ATO who will help you decide which way to go. I have always found their staff to be very helpful. However, If you would like to test your eligibility for an ABN, the following link to the ATO has a questionaire that will let you see if you qualify for one:

http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=ABN_Entitlement.xr4&go=ok 

You may need to copy and paste this link into your browser.

good luck with your enterprise.

Regards,

barb

Last seen: 12/26/2018 - 09:21
Joined: 05/31/2011 - 09:44

Hi Ivan,

Welcome to Farmstyle, great to have you as part of the community.

To class your farm as a business and register for an ABN will need to turnover a minimum of $20,000 per financial year. A turnover less than this and it will be classed as a hobby farm. If your turnover is above $20,000 and you don't have an ABN or quote it on invoices a supplier can withhold 46.5% of the sale. 

Registering for GST is compulsary when your turnover is greater than $75,000 per year. 

You can register for an ABN online by visiting here

Further information on this topic can be found at this forum post

Regards,

Charlie

Last seen: 03/08/2018 - 21:05
Joined: 04/14/2012 - 07:12

Thank you Barb and Charlie for the info and the link.

New Forum Topics

Topic Replies Last post Forum
7170 Orphan Lambs and Foxes
byhlcrouch on Thu, 10/01/2020 - 20:10
2
by hlcrouch
Tue, 10/06/2020 - 09:05
Sheep
932 Tractors
bygaz on Fri, 07/13/2012 - 13:53
12
by admin
Sun, 10/04/2020 - 13:07
General Forum
6966 Agistment
bymarieoc on Sun, 09/27/2020 - 19:52
3
by admin
Fri, 10/02/2020 - 17:53
Livestock
6699 Should I till, use harrows or just let it be?
byTheOldChurchEstate on Thu, 09/10/2020 - 18:40
1
by admin
Thu, 09/17/2020 - 17:03
Farming Help
6613 Hello everyone
byGordon on Tue, 09/08/2020 - 14:32
1
by admin
Wed, 09/09/2020 - 11:10
Fencing
6573 Do I need to fence off my dam with cows?
bymawan on Fri, 09/04/2020 - 13:57
1
by admin
Wed, 09/09/2020 - 10:12
Farming Help
6568 Kiwi wanting to sheep farm in Australia
byNikita on Thu, 09/03/2020 - 09:40
1
by admin
Mon, 09/07/2020 - 11:23
Sheep
6565 New sheep about to lamb, not vaccinated or wormed. What do I do please?
bySarah B on Mon, 08/31/2020 - 14:57
2
by Sarah B
Wed, 09/02/2020 - 16:34
Sheep
5870 Do lambs need to be treated prior to Consumption?
byBushwick on Sun, 10/06/2019 - 22:15
5
by Steve89
Wed, 09/02/2020 - 09:44
Sheep
6523 Best Tree Crops for Victoria
byOllie Douglas on Fri, 08/21/2020 - 23:05
2
by Steve89
Wed, 09/02/2020 - 09:38
General Forum
6548 Too much to learn not enough time
byTubs on Tue, 08/25/2020 - 23:41
3
by Steve89
Wed, 09/02/2020 - 09:25
New Members
6522 New to cattle ownership, need some help and advice.
byrobcarver on Fri, 08/21/2020 - 18:34
3
by admin
Fri, 08/28/2020 - 09:23
Farm skills & knowledge
3174 Cattle yard suppliers
byPGR912 on Thu, 03/09/2017 - 10:51
7
by PGR912
Tue, 08/25/2020 - 13:41
General Forum
6282 Farm security
byweekenders on Mon, 06/22/2020 - 12:51
5
by John@LandWatch
Sat, 08/22/2020 - 11:59
3275 Agistment Rates
bymrmrsmrb on Thu, 11/09/2017 - 17:14
7
by hiremaths
Fri, 08/21/2020 - 07:49
General Forum
3319 Raising cattle for meat, how many per acre
bystevo7 on Mon, 01/29/2018 - 10:25
6
by AuroraDaniels
Thu, 08/20/2020 - 12:19
Farming Help
6517 Tank and Bore vs Town Water
byrobynscordilis… on Wed, 08/19/2020 - 13:12
1
by admin
Thu, 08/20/2020 - 10:26
6518 Fattening steers
bymarkb1624 on Wed, 08/19/2020 - 17:45
1
by markb1624
Wed, 08/19/2020 - 18:16
Farming Help
6466 Pasture
byAlfie on Mon, 08/17/2020 - 16:34
1
by admin
Tue, 08/18/2020 - 11:52
3800 Bad experience with agistment
byKaz on Mon, 06/18/2018 - 18:19
4
by cptj
Mon, 08/17/2020 - 04:10
General Forum

Active forum topics

Topic Replies Last post Forum
7170 Orphan Lambs and Foxes
byhlcrouch on Thu, 10/01/2020 - 20:10
2
by hlcrouch
Tue, 10/06/2020 - 09:05
Sheep
932 Tractors
bygaz on Fri, 07/13/2012 - 13:53
12
by admin
Sun, 10/04/2020 - 13:07
General Forum
6966 Agistment
bymarieoc on Sun, 09/27/2020 - 19:52
3
by admin
Fri, 10/02/2020 - 17:53
Livestock
6699 Should I till, use harrows or just let it be?
byTheOldChurchEstate on Thu, 09/10/2020 - 18:40
1
by admin
Thu, 09/17/2020 - 17:03
Farming Help
6613 Hello everyone
byGordon on Tue, 09/08/2020 - 14:32
1
by admin
Wed, 09/09/2020 - 11:10
Fencing
6573 Do I need to fence off my dam with cows?
bymawan on Fri, 09/04/2020 - 13:57
1
by admin
Wed, 09/09/2020 - 10:12
Farming Help
6568 Kiwi wanting to sheep farm in Australia
byNikita on Thu, 09/03/2020 - 09:40
1
by admin
Mon, 09/07/2020 - 11:23
Sheep
6565 New sheep about to lamb, not vaccinated or wormed. What do I do please?
bySarah B on Mon, 08/31/2020 - 14:57
2
by Sarah B
Wed, 09/02/2020 - 16:34
Sheep
5870 Do lambs need to be treated prior to Consumption?
byBushwick on Sun, 10/06/2019 - 22:15
5
by Steve89
Wed, 09/02/2020 - 09:44
Sheep
6523 Best Tree Crops for Victoria
byOllie Douglas on Fri, 08/21/2020 - 23:05
2
by Steve89
Wed, 09/02/2020 - 09:38
General Forum
6548 Too much to learn not enough time
byTubs on Tue, 08/25/2020 - 23:41
3
by Steve89
Wed, 09/02/2020 - 09:25
New Members
6522 New to cattle ownership, need some help and advice.
byrobcarver on Fri, 08/21/2020 - 18:34
3
by admin
Fri, 08/28/2020 - 09:23
Farm skills & knowledge
3174 Cattle yard suppliers
byPGR912 on Thu, 03/09/2017 - 10:51
7
by PGR912
Tue, 08/25/2020 - 13:41
General Forum
6282 Farm security
byweekenders on Mon, 06/22/2020 - 12:51
5
by John@LandWatch
Sat, 08/22/2020 - 11:59
3275 Agistment Rates
bymrmrsmrb on Thu, 11/09/2017 - 17:14
7
by hiremaths
Fri, 08/21/2020 - 07:49
General Forum
3319 Raising cattle for meat, how many per acre
bystevo7 on Mon, 01/29/2018 - 10:25
6
by AuroraDaniels
Thu, 08/20/2020 - 12:19
Farming Help
6517 Tank and Bore vs Town Water
byrobynscordilis… on Wed, 08/19/2020 - 13:12
1
by admin
Thu, 08/20/2020 - 10:26
6518 Fattening steers
bymarkb1624 on Wed, 08/19/2020 - 17:45
1
by markb1624
Wed, 08/19/2020 - 18:16
Farming Help
6466 Pasture
byAlfie on Mon, 08/17/2020 - 16:34
1
by admin
Tue, 08/18/2020 - 11:52
3800 Bad experience with agistment
byKaz on Mon, 06/18/2018 - 18:19
4
by cptj
Mon, 08/17/2020 - 04:10
General Forum

Our Sponsors

Our Partners