Popular on eTradeWire
- - 229
- June 14, 2025 The Color Bar Joins "Outrun Hunger" - 228
- The Matrix Opal by Stella Atrium - A Dystopian Science Fiction Novel - 199
- "Privacy" & more on PriceofBusiness.com: Latest Guest Posts & Articles for June 13th 202 - 194
- Introducing GANCloud — The Future of Memory Starts Here - 155
- Nature-Based Printables Help Rhode Island Families Turn Beach Days into Learning Adventures - 146
- "Don't You Dare Give Up On God" (2nd Edition) Offers Unshakable Hope for Christians Struggling with Silence, Suffering, and Spiritual Burnout - 135
- NYC Leadership Strategist Stacie Selise Launches Groundbreaking 4S Framework Series to Redefine Executive Excellence - 135
- Paulding County GOP Chair Ricky Hess Hosts Flag Waving Event joined by Veterans for America First - 126
- Aerial Survey Equipment Rental Expands: RIEGL VQ-1560 II-S for Rent Now Available Worldwide from AerialSurvey.com - 122
Similar on eTradeWire
- Horizon Foundation signs largest investor in its history
- The Blue Luna Encourages Local Schools to Take Steps to Enhance Safety for Students and Staff
- Wise Business Plans Launches Turnkey Startup Packages to Help Entrepreneurs Start and Scale
- Two themes emerge in Marketing AI
- WOW Conference 2025 Returns to Dallas with Bigger Impact and Unmatched Energy
- Smart Resnse Unveils Smart Resnse(SRMS) Token-Powered AI Orchestration Platform to Revolutionize Multi-Billion Dollar Market
- Cover Girl Finalist Teisha Mechetti Questions Legitimacy of Inked Originals Competition, Demands Transparency
- Franchise-Ready: Wise Business Plans Partners with Leading Franchisors to Support New Franchisees
- Sylver's Debut Book Reveals Massive Industry Oversight
- CEO of Working Voices Launches One-Day Masterclass for Personal Transformation
ABN or TFN? Nanak Accountants Clarifies Australia's Tax Identity System for Workers and Business
eTradeWire News/10809059
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 - eTradeWire -- 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 eTradeWire 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 eTradeWire 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 eTradeWire News
- Grace Hutchcraft joins Priority Marketing as social media manager
- Dr. Patty Returns to Mondazzi Books for Intuitive Readings – July 20, 2025
- A.L. Mathis Music Releases Uplifting New Single "So Weird"
- Philadelphia Homeowners Now Have a Faster Way to Sell Their House Without Agents or Repairs
- MountainOne Wins Silver Bell at 57th Annual PR Bell Ringer Awards for Storybook Program
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 eTradeWire News
- Wise Business Plans Launches Turnkey Startup Packages to Help Entrepreneurs Start and Scale
- CarSeek Re-Launch: A New Look, A Better Experience for Car Buyers
- For Artificial Intelligence Appreciation Day: Celebrate it with a poem about AI called "Robot Love"
- The Sessions Studios Secures $300 Million Commitment to Launch World-Class Studio and 15-Film Global Slate
- TEDxMarksville Women's Inaugural Event Set for August with a Mission to Change the Narrative
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 eTradeWire News
- Crossroads Dental of Victoria: Redefining Patient Experience with Comfort & Patient-Centered Care
- Adtec Healthcare Secures $12m Investment
- Startup Born of CTE + Depression Launches Japandi Supply House
- Local Filmmaker Brings Folklore and Film to Her Own Backyard in Silver Spring
- The Battle for the Enchanted Forest Brings Fantasy, Fun, and Fundraising!
- Welcome Rian Booker, Owner of The Glass Guru of North Tacoma
- Revolutionary Blockchain Platform Okh Finance Announces Okh Finance(OKKH) Token Launch to Transform Global Asset Leasing Market
- Cover Girl Finalist Teisha Mechetti Questions Legitimacy of Inked Originals Competition, Demands Transparency
- scDataCom Ranked in the Top 100 of North American Systems Integrators
- Who to Call When Floods Strike Melbourne: Victoria Hygiene, 24/7
- Libraries for Kids, Int'l CEO Presents to Beaufort, SC Rotary Club
- Faex Health Unveils AI Powered Fiber and Supplement Detection for Smarter Gut Health Insights
- Franchise-Ready: Wise Business Plans Partners with Leading Franchisors to Support New Franchisees
- Author Launches The Starlight Bond Website with Movie Licensing Proposal
- VSURY Launches in Denver, Redefining Website Design and Development for the Modern Brand
- Ridgeback Lighting Launches Battery-Free EBL LED Emergency and Egress Light
- Medify Health Wins 2025 Health Tech Digital Award for Best Solution to Manage Chronic Disease
- Sylver's Debut Book Reveals Massive Industry Oversight
- VIP Vacations Recognized as a 2024 Top Selling Travel Agency by the Jamaica Tourism Board
- Easton & Easton, LLP Files Suit Against The Dwelling Place Anaheim & Vineyard USA Over Abuse Allegations