How to Set up a bank account and apply for an ABN - ANUSA · Microsoft Word - How to Set up a bank...

HOW TO: SET UP A BANK ACCOUNT AND ABN SET UP A BANK ACCOUNT AND ABN

ANUStudents’Association|(02)61252444|[email protected]|anusa.com.au

1. Starting a Club Bank Account Before starting a bank account, you should work out what kind of account will suit your needs and which bank will be most convenient. Some accounts charge fees, some come with extra services. There are a number of bank branches in Civic within walking distance of ANU and there is a Commonwealth Bank branch on campus. After you have decided with which bank you would like to start an account, you will need:

1. Minutes from a meeting which include: a. The full name of your club. b. The full names of the trustees, their positions, and that they are

authorised to be signatories on the bank account. c. The method of operation (i.e. whether there will be a bank card, a

chequebook, or only online transactions). d. Whether accessing funds will require one or two signatures.

2. Your club’s constitution. 3. An ABN for your club. 4. 100 points of ID for each trustee. 5. An address, for mail. You must use ANUSA’s address:

<Club Name> ANUSA Unit 17A, Level 1, University Ave, Australian National University Acton, 2601

As the process for starting an account takes some time, you should schedule an appointment in advance with the branch so that you will not have to wait. With an appointment and the above documents in hand, opening your account should be an easy process.

2. Applying for an ABN In order to affiliate a Club or Society with ANUSA, you need to have an ABN. The application process can be confusing, but with this step-by-step guide it shouldn’t take you more than 15 minutes. Before starting, it is useful to have:

• Names, addresses, birthdays and personal Tax File Numbers (TFNs) of your three trustees.

• The name of your society.


1. Go to the Australian Business Register (abr) website at abr.gov.au, and select ‘Apply for an ABN’. Then choose that option again for the next two pages.

2. After accepting your obligations, you will get to the first page of the

application itself. • Choose ‘other unincorporated entity’ as your type of organisation:

• This is the option best suited for clubs, as it allows for membership and changing leadership composition. Only choose incorporated entity if you definitely know that you are incorporated – it is an expensive and complicated process – almost all societies are unincorporated.

• Choose ‘One-off commercial transactions not done in the course of a business’ as the nature of your activity.


• Underneath this, you need to state that you expect to ‘make a profit or gain from your activity’. Remember however that the club itself cannot be run for profit (the ANUSA non-profit clause must be in the constitution of your club/society).

You should now be told that you are entitled to an ABN


3. The ‘applicant’ refers to your club/society, so it has not already had an ABN

(unless you are applying for a replacement one) and does not need a TFN → f i l l out as shown below.


4. Business Information • Is the applicant an Australian resident for tax purposes? → YES

• Even if you’re from overseas, the club/society is an Australian resident. • Does the organisation fit within an income tax exempt category → NO

• Don’t worry, your club/society likely won’t be subject to income tax simply because most clubs and societies don’t earn enough income to attract tax. Only a select range of organisations (such as charities) can be exempt from income tax.

• Is the organisation a not-for profit → NO


5. Enter the name of your club/society here.

6. Business Activity Details • From what date does the Other Unincorporated Entity require its ABN? →

You can enter today’s date or any date in the future under six months, at your discretion.

• Select the category which best matches the Other Unincorporated Entity’s main business activity → As long as you mention ‘University’ and ‘Club’ in the description of your main business activity, ‘University club operation’ will be an option.

• Most societies don’t run agricultural properties ☺.


7. Address On this page of the form it is important that you DO NOT USE YOUR PERSONAL ADDRESS. If you do, the club/society’s details may be lost once you leave, and changing the address is a long and difficult process. Enter instead the address of the ANU STUDENTS’ ASSOCIATION (shown below). Similarly, you should use the email address of your society for correspondence.


8. Personal details: • The authorised contact is the representative who is in charge of

maintaining the club/society’s records (for example: the president) • Again, you should use the club’s official email address here for future

convenience.

• On the next page, you can list the details of your three trustees as

associates (at least one associate is necessary to proceed in the application)

• A personal TFN isn’t absolutely necessary for each individual associate, but if you do not provide one you will have to write down the address details of the associate.


9. Reason for application

• Select ‘New Business in Australia’ if you’re getting an ABN for a new society. If you are getting a new ABN for your society, then choose ‘Change in Business Structure’.


10. Final step! • A position holder in the club/society must sign the declaration → then

press ‘submit’.

Congratulations! You have applied for an ABN! Concluding notes:

• If your society has been operating for multiple years already, at some point you should consider updating the details of the society’s ABN, as it may still be registered under the names of the students who originally founded it.

• The details of an ABN can be updated on the Australian Business Register site.


• When your ABN is approved, you will likely be notified by mail, so check the Brian Kenyon Student Space regularly for letters addressed under your society’s name.

• An easier way to check the status of your application is to search on the ABN lookup site at http://abr.business.gov.au/ (though you should still check for mail, important details are communicated this way).

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