Don’t forget to update AFG on your ABN and GST status
Running a brokerage means keeping track of countless details, from looking after clients to managing your business operations. One area that’s easy to overlook is making sure your ABN, GST registration, and entity details are always up to date with AFG.
It might seem minor, but failing to notify us of changes can impact your commission payments and even put you in breach of your Member Agreement.
Why it matters
The Australian Taxation Office (ATO) and your AFG Member Agreement both require all commission recipients to:
If these details aren’t current, commission payments can be delayed or withheld.
The 3 most common issues we see
- New registrations not updated
Some members join AFG before their ABN/GST registration is finalised but forget to notify AFG of the updated details when approved, resulting in their commission payments being put on hold.
- Entity structure changes not advised
When members change their trading structure (e.g. from a sole trader to a trust or company structure) or obtain a new ABN, they often neglect notifying AFG of the changes.
- Final payments missed
In some cases, members who cease trading cancel their ABN or GST registration before all commission payments have been processed, resulting in delayed or missed disbursements.
What you need to do
- Check your details: Make sure your ABN, GST registration, and entity structure in our records are correct.
- Notify us immediately: If you’ve changed your business structure, ABN, or GST registration status, let AFG know straight away.
- Provide evidence if needed: Keep a PDF copy of your ABN and GST registration from the Australian Business Register, so you can supply it quickly if requested.
- Plan ahead: If you’re ceasing business, keep your registrations active until all payments have been processed or you can submit the No GST Registration Declaration that is available on Help prior to terminating your member agreement.
Keeping your ABN and GST registration details current isn’t just good housekeeping, it’s a requirement of your Member Agreement and ensures your business continues to run smoothly.
Action: Please take a moment today to review your records and notify AFG of any changes.
Please note we do not provide tax, legal or accounting advice. This article has been written for general informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. We suggest you consult with your own tax, legal and accounting advisers before engaging in any transaction.