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ARTICLE · 02 AUGUST 2006

Property Update - July 2006

Gadens Lawyers
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ACNs or Australian Company Numbers were introduced to the Corporations Act 2001 many years ago. The purpose was to give a unique identifier number to each company. A company can even simply have as its name its ACN.

AustraliaReal Estate and Construction

Contents

  • Should legal agreements contain a company's ACN or ABN?
    • Registering second mortgages

    SHOULD LEGAL AGREEMENTS CONTAIN A COMPANY'S ACN OR ABN? SURPRISINGLY, THE CHOICE CAN HAVE QUITE WIDE-RANGING CONSEQUENCES

    Background

    First, a bit of history.

    ACNs or Australian Company Numbers were introduced to the Corporations Act 2001 many years ago. The purpose was to give a unique identifier number to each company. A company can even simply have as its name its ACN.

    ABNs or Australian Business Numbers came along with the introduction of GST on 1 July 2000. The ABN for most companies is the ACN plus a two digit prefix.

    A single company can have more than one ABN. Separate ABNs may be held in respect of the enterprises it conducts, such as:

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