Popular on TelAve
- NWIDA Welcomes Matt Zieminski to Board of Directors as Legislative Strategy Lead
- DimHum Launches Revolutionary CrowdShipping Service
- Lore Link is Here to Help Organize Your Game
- Digital Watchdog Launches New myDW Cloud Services
- Pyro Marketing Opens New Digital Marketing Company to Power Growth for Fitness and Ecommerce Brands
- The AML Shop Launches New Financial Investigations Unit, Appoints Director to Lead the Initiative
- $18 Price Target Issued in New Research Report After $34 Million Revenue Forecast from Acquisition; $101.5 Million Net Revenue in 2025; NAS DAQ: IQST
- Drone Light Shows Emerge as the New Standard in Live Event Entertainment
- Raidium révolutionne le diagnostic de la Sclérose en Plaques en partenariat avec l'Hôpital Fondation Adolphe de Rothschild
- West Dentistry Welcomes New Oral Surgeon to Enhance Patient Care
Similar on TelAve
- AdvoCast Expands Leadership in Strategic Comms with New Role Producing "Communication Breakdown" Podcast
- Success for Global Communications Leader IQSTEL, Inc. Growing From $13 Million Revenue in 2018 to Nearly $300 Million Last Year
- Conservative Latinos for PA Shaping the Future of Hispanic Community, Guest State Treasurer Stacy Garrity
- Chasing Creative Plants Roots in Palm Coast, Builds Marketing Systems for Modern B2B Brands
- TNT Removal & Disposal Celebrates Record Year Helping Pennsylvania Property Owners Reclaim Space
- Postmortem Pathology Offers Expert Autopsy Services with Dignity and Accuracy
- Private Autopsies Provide Families in Colorado with Answers and Closure
- Vijay Tirathrai named Managing Director in Dubai, UAE
- How smart women use BAY Miner cloud mining to easily earn Bitcoin every day
- Bynn Intelligence Reinvents Document Fraud Detection with Groundbreaking Acquisition and Revolutionary AI Model
ABN or TFN? Nanak Accountants Clarifies Australia's Tax Identity System for Workers and Business
TelAve News/10868122
With gig work and side businesses on the rise, Nanak Accountants guides Australians on whether they need an ABN, a TFN - or both.
MELBOURNE, Australia - TelAve -- As more Australians juggle multiple income streams, the question of whether to use a Tax File Number (TFN) or an Australian Business Number (ABN) is more important than ever. From Uber Eats drivers to freelance designers and side hustle entrepreneurs, knowing which identifier applies can make a major difference in how income is taxed — and how compliant you are with the Australian Taxation Office (ATO).
Nanak Accountants & Associates is helping individuals make sense of this often-confusing area of tax, with a simple framework that distinguishes between the two.
"Your TFN is for personal income from employment. Your ABN is for running a business or invoicing as a contractor," explains Puneet Singh, Director of Nanak Accountants. "Many people need both, but few understand when and how to use them correctly."
More on TelAve News
What's the Difference?
Failing to provide a TFN to your employer can result in tax being withheld at the highest rate. Similarly, operating a business without an ABN means clients may withhold payments or consider the arrangement non-compliant.
When You Might Need Both
It's common for Australians to hold both a TFN and an ABN — for example, a teacher employed full-time (TFN) who also sells custom crafts on Etsy (ABN). Each income stream must be reported separately, and deductions, GST, and super responsibilities vary.
The ATO expects individuals to:
Avoiding Costly Mistakes
More on TelAve News
Nanak Accountants warns that misunderstanding these identifiers can lead to serious compliance issues. Common errors include:
"We see people get caught out by small mistakes that grow into big problems," says Singh. "The best protection is knowing your obligations and seeking help early."
Need Help Choosing Between ABN or TFN?
Nanak Accountants & Associates provides personalised advice to employees, sole traders, and contractors across Australia. Their team simplifies the process of tax registration, compliance, and annual reporting.
🌐 Visit: www.nanakaccountants.com.au
Nanak Accountants & Associates is helping individuals make sense of this often-confusing area of tax, with a simple framework that distinguishes between the two.
"Your TFN is for personal income from employment. Your ABN is for running a business or invoicing as a contractor," explains Puneet Singh, Director of Nanak Accountants. "Many people need both, but few understand when and how to use them correctly."
More on TelAve News
- Rocket.Chat assessed "Awardable" for Department of Defense work in the CDAO's Tradewinds Solutions Marketplace
- Success for Global Communications Leader IQSTEL, Inc. Growing From $13 Million Revenue in 2018 to Nearly $300 Million Last Year
- Artbound: "The Cheech" Awarded Two 2025 LA Area EMMY Awards — Honored in ARTS & MUSIC COMPOSITION
- Rising Conservative Star Jordan Brace Emerges as Influential Political Voice with Elite Washington Connections
- Conservative Latinos for PA Shaping the Future of Hispanic Community, Guest State Treasurer Stacy Garrity
What's the Difference?
- A TFN is your private identifier with the ATO. It's used for employment, superannuation, bank interest, and tax returns.
- An ABN is a public 11-digit number used when running a business, freelancing, or contracting. It's required to invoice clients, register for GST, and avoid 47% withholding tax on payments.
Failing to provide a TFN to your employer can result in tax being withheld at the highest rate. Similarly, operating a business without an ABN means clients may withhold payments or consider the arrangement non-compliant.
When You Might Need Both
It's common for Australians to hold both a TFN and an ABN — for example, a teacher employed full-time (TFN) who also sells custom crafts on Etsy (ABN). Each income stream must be reported separately, and deductions, GST, and super responsibilities vary.
The ATO expects individuals to:
- Apply for a TFN as early as possible for employment.
- Only apply for an ABN if they are genuinely starting a business or offering services independently.
- Keep clear records of income, expenses, and the purpose of each identifier.
Avoiding Costly Mistakes
More on TelAve News
- Chasing Creative Plants Roots in Palm Coast, Builds Marketing Systems for Modern B2B Brands
- David M. White, DDS Celebrates 500 Five-Star Reviews in Reno
- BJ Simmons Releases Trapped In
- Advantai Group & One NZ launch groundbreaking Mobile solution to supercharge brand loyalty in NZ
- Shincheonji Reaches World-Class Level At International Taekwondo Competition
Nanak Accountants warns that misunderstanding these identifiers can lead to serious compliance issues. Common errors include:
- Sham contracting — being forced to get an ABN to avoid employee entitlements
- Under-reporting income earned under an ABN
- Not registering for GST once turnover exceeds $75,000
- Having an inactive ABN cancelled by the ATO
"We see people get caught out by small mistakes that grow into big problems," says Singh. "The best protection is knowing your obligations and seeking help early."
Need Help Choosing Between ABN or TFN?
Nanak Accountants & Associates provides personalised advice to employees, sole traders, and contractors across Australia. Their team simplifies the process of tax registration, compliance, and annual reporting.
🌐 Visit: www.nanakaccountants.com.au
Source: Nanak Accountants & Associates
Filed Under: Business
0 Comments
Latest on TelAve News
- Philadelphia HVAC Company Bypasses Paid Search Ads, Citing Cost Savings for Customers
- Block AI Labs Empowers Startups with Affordable, AI-Driven Software Development from U.S. and Colombia Ask ChatGPT
- "The U.S. is Running Out of Workers" – New Book Offers Urgent, Research-Backed Solution to the Workforce Crisis
- LandGate® Releases Q2 2025 U.S. Data Center Development Summary
- How Legal and Compliance Teams Can Say "Yes" to AI with SecurePII
- Macon's Historic Douglass Theatre Names Toni Simmons Henson as Artistic Director for Inaugural Series Celebrating the Spirit of American Theatre
- Natural Field Celebrates 20th Anniversary, Advancing Functional Ingredients Globally
- Anern Shines at SOLAR AFRICA 2025 with Integrated Solar + Storage Solutions
- 'The Tech Neck Epidemic: How Screen Time Is Negatively Impacting Our Spine,' Says Auburn Chiropractor Dr. Gordon Fimreite
- DivX Unveils Revamped Resource Guide to Help Users Easily Convert MKV to MP4
- Max Life Agency taking part in PHP Takeoff event in Las Vegas Featuring Coach K and Ray Lewis
- AI Transforming the POD Industry: Innovations and Opportunities
- Sexual Harassment Law Firm CA Offers Free Consultations to Empower Harassment Victims in California
- $10 Million Controlling Interest Acquisition Completed for Concerts.com & TicketStub.com by Emerging Sports, Entertainment & Gaming AI Powered Company
- PebblePad Announces Strategic Partnership with UERU to Advance Undergraduate Education Across U.S. Research Universities
- Editorial Freelancers Association to Host Virtual Conference and Celebrate 55 Years of Editorial Excellence
- New Slotozilla Tool Helps Americans Find the Most Affordable Cities to Live Based on Their Income
- CCHR: Regulators Warn ADHD Drug May Trigger Homicidal Thoughts, Parents Not Informed
- Divorce Made Simpler: Interview with Yamil Francisco, Founder of Divorce in Florida Online
- A New Era of Fashion Collaboration Begins: Introducing the Global Fashion Membership Platform