The ATO has advised tax agents that the Australian Business Register (ABR) is reviewing and cancelling Australian Business Numbers (ABNs) where records indicate that holders are not conducting an enterprise, and therefore, not entitled to hold an ABN. It says those taxpayers who have had their ABN cancelled will receive a letter providing the reason as well as their review rights.
The ATO says if taxpayers do not agree with the cancellation, they are able to object, and if they can demonstrate they are entitled to an ABN, it can be reinstated. In addition, it says the Registrar will also be contacting ABN holders to remind them that they are legally required to update their records and registration details within 28 days of any changes.
[LTN 76, 23/4/13]