The Minister for Financial Services & Regulation, Joe Hockey, today assured companies they would not have to quote both an Australian Company Number (ACN) and an Australian Business Number (ABN) after the introduction of the New Tax System on 1 July.
Under the Corporations Law and Regulations, a company now must show its ACN on all public documents and negotiable instruments.
The Government aims to make the ABN the single business identifier for Commonwealth purposes.
In line with this aim, the Government is recommending the Governor-General in Council make amending Regulations to ensure ABN quotation on public documents and negotiable instruments will satisfy the Corporations Law.
The Regulations will ensure that, for a reasonable time, companies can continue to show their ACN on public documents and negotiable instruments other than adjustment notes for GST purposes and invoices, which will need to show the ABN from 1 July.
The Regulations will also allow registrable bodies to show their Australian Registered Body Number (ARBN) and registered schemes to show their Australian Registered Scheme Number (ARSN).
A transitional period will extend at least until 30 June 2001 to provide sufficient time for companies to adapt to the changes and enable them to use up existing stocks of stationery.
"These actions will give Australian business much more certainty, and ease their transition to the New Tax System," the Minister said.
The necessary Regulations under the Corporations Law will be made and gazetted shortly.