How does an ABN compare to an ACN?
βOne of the other things you may have heard about is an Australian Company Number, or ACN. Although these two terms sound synonymous, they are actually different. For one, a different entity issues ACNs. TheΒ Australian Securities and Investments CommissionΒ (ASIC) issues ACNs, not the Australian Business Register.
Two, the numbers themselves are different. As we mentioned, an ABN is an 11-digit number. On the other hand, an ACN is a nine-digit number.
Lastly, most businesses donβt need to register for an ACN. Unlike ABNs, which are for sole proprietors, trusts, partners, and companies, an ACN is only for companies. So, if youβre a freelancer working for yourself, you donβt need to worry about filing for an ACN.
If you are the owner of a company, you cannot choose between an ABN and an ACN. Youβre going to need both. You will need to apply for an ACN first.